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ED Seizes Q-City Tech Park Of Mack Soft Tech

The company allegedly made fake transactions to remit huge funds in foreign exchange outside India.
Hyderabad | 31st July 2019
The Enforcement Directorate (ED) has seized the Q-City Tech Park, consisting of 2,500 sq yards of land and 2,45,000 sq feet of building space belonging to M/s Mack Soft Tech Private Limited, Hyderabad, under the provisions of Sec 37A of the Foreign Exchange Management Act, 1999 (FEMA), in lieu of foreign assets illegally held abroad in contravention of Sec 4 of the FEMA.

The property is cumulatively worth Rs 86.38 crore.

The seized property is situated at Survey Nos 109, 110 and 111/2 in Nanakramguda, Gachibowli.

The ED initiated investigation for FEMA violations on the basis of information that MSTPL remitted huge funds outside India in contravention of FEMA. During the course of investigation, it was revealed that MSTPL illegally transferred foreign exchange to the tune of USD 12,500,000 (equivalent to Rs 62.08 crore) to Orient Guide Investments Limited, Hong Kong, under the guise of purchase of a non-existent software license.

Further, during the period from November 2011 to December 2016, MSTPL transferred foreign exchange to the tune of USD 3,980,000 (equivalent to Rs 24.30 crore) to Senat Legal Consultancy FZ LLC, UAE, and Cresco Legal Consultancy FZ LLC, UAE, in the name of Legal Services. It was proved that these were sham transactions.

The above foreign outward remittances on "fake" pretexts were allegedly made by MSTPL to siphon off funds from India and park them abroad. Illegal holding of foreign assets outside the country is a contravention of Sec 4 of FEMA, and the ED is empowered to seize equivalent assets in India u/s Sec 37A of the FEMA.
filed in:  Crime, Hyderabad Crime, Enforcement Directorate
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