NEW DELHI: The enforcement directorate (ED) has booked two Bombay-based businessmen running a travel agency and books trade under foreign exchange regulation act(FERA)regulations on charge of depositing sterling pounds 20,2206 (Rs 7,076,000) in foreign banks without the permission reserve bank of India.
A Bombay court which released the accused Deep Mehta and his brother Sagar Mehta on bail Wednesday accepted the plea of the directorate that the accused would give an undertaking to repatriate the deposits to India by August 15 the director enforcement L M Singhvi told PTI here Wednesday.
While one of them had opened bank accounts with national Westminster bank of London the other with Deutsche bank Frankfurt. They had inherited the amount from an account of their father Vinod Mehta who died some time back Singhvi said.
Singhvi said the two brothers during their visit abroad in July August last year deposited the foreign exchange in the two banks after obtaining letters of administration from a London court.
He said the deceased Vinod Mehta who was. an Indian resident was operating his account in London without the permission of the RBI.
He said both the accused held certain securities war stock of present value of more than sterling pounds 50,000 each — and the total amount thus involved was sterling pound 202206.
Article extracted from this publication >> June 14, 1991
