ED attaches assets worth Rs 65 crore of Venkateswara Hatcheries

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New Delhi: The Enforcement Directorate (ED) on Monday said that Venkateswara Hatcheries Pvt Ltd, a leading animal husbandry company, has been seized of over Rs 65 crore under the Foreign Exchange Management Act for allegedly sending illegal foreign funds to buy a 90-acre house in the UK. Nine properties have been attached. The properties that have been attached are located in Maharashtra and Karnataka.

The ED is probing the matter under provisions of the Foreign Exchange Management Act (FEMA) and the case relates to the transfer of funds by the company since 2011 to its wholly owned subsidiary named ‘Venky’s Overseas Limited (VOL), UK’. is connected. According to the ED, the total value of these properties is Rs 65.53 crore.

The ED said in a statement that Venkateswara Hatcheries Pvt Ltd (VHPL) had declared the business of VOL to the Reserve Bank of India (RBI) related to agriculture (rearing of ducks, chickens etc) and mining. After incorporation of VOL, VHPL sent “huge amount” in the guise of equity investment. “However, VOL had not started any such business even after more than 11 years of its incorporation,” the ED said.

He stated that VOL had purchased an immovable property of 90 acres by the name of “Alexander House” in UK with the money sent by VHPL for the convenience of the directors and employees of VHPL. Investigation revealed that the amount remitted by VHPL to VOL was used to repay the loan taken by VOL from Barclays Bank, UK for purchase of the said immovable property. The investigating agency has attached properties of similar value in India under the provisions of Section 37A of FEMA, considering it a violation of law.

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