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The assets have been seized in lieu of those held abroad by Dabur group director Pradip Burman, ED has said

In an official statement, ED said that Burman had deposited USD 32 lakh in an HSBC account in Zurich in violation of foreign exchange laws of the country. The ED initiated the action under provisions of the Foreign Exchange Management Act (FEMA). The seized assets include 50,000 tax-free government bonds of HUDCO and IRFC.

The Enforcement Directorate has seized assets worth Rs 20.87 crore belonging to the owner of Dabur India Ltd in the HSBC bank black money list case. The assets have been seized in lieu of those held abroad by Dabur group director Pradip Burman, ED has said.

The agency took over the case on the basis of a chargesheet filed by the Income Tax Department against Burman as part of its probe into the leaked HSBC list of 628 Indians with black money stashed abroad. India had obtained the list from the French government in 2007. The trial in the case is yet to commence.

The agency said the assets were seized after it was found that Burman deposited USD 32.12 lakh in his HSBC account in Zurich in Switzerland and that he “did not” show this amount in his I-T Returns filed during 2007-08 despite declaring that this was his earning. “The investigation revealed that Burman has deposited USD 32.12 lakh with HSBC, Zurich and was holding the same in contravention of Section 4 of the FEMA and failed to repatriate the entire amount to India till date,” the ED said.

Burman is a Director in Dabur India Limited, Sanat Product Ltd and Ayurved, Ratna Commercial Enterprises (P) Ltd and is also a trustee in the Dr S K Burman Charitable Trust, which is the Burman family trust.

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