S Jagathratchakan, a 76-year-old DMK MP representing the Arakkonam Lok Sabha constituency in Tamil Nadu, has been slapped with a whopping Rs 908 crore penalty by the Enforcement Directorate (ED) for violating overseas trade guidelines below the International Change Administration Act (FEMA). This newest motion, introduced on Wednesday, follows a protracted investigation into Jagathrakshakan’s monetary dealings below FEMA.
The ED’s adjudication order, dated August 26, 2024, comes after the company seized belongings price Rs 89.19 crore belonging to Jagathrakshakan and his associates in September 2020. These belongings, which embrace each movable and immovable properties, have now been formally confiscated. The huge penalty imposed highlights the size of the alleged violations and underscores the severity of the enforcement motion taken towards the veteran politician.
Who’s S Jagathratchakan?
Jagathratchakan is a three-time Lok Sabha MP from the Arakkonam constituency, first elected in 1999. He served because the Minister of State for Commerce and Business within the UPA authorities throughout Dr. Manmohan Singh’s tenure. A Tamil businessman, Jagathratchakan is the chairman of Shree Balaji Medical Faculty and Hospital and the proprietor of Dr. Rela Hospital and Institute.
Jagathrakshakan is a notable Tamil businessman with substantial pursuits within the medical and hospitality sectors. His enterprise ventures embrace his roles because the chairman of Shree Balaji Medical Faculty and Hospital and the proprietor of Dr. Rela Hospital and Institute. His speedy asset accumulation has drawn scrutiny, with a notable enhance from Rs 5 crore in 2009 to Rs 70 crore by 2011, marking one of many highest share will increase amongst ministers on the time.
Controversies Surrounding Jagathratchakan
Jagathrakshakan’s monetary and political trajectory has been marred by controversies. In 2012, he confronted allegations associated to the coal rip-off in Tamil Nadu, accused of facilitating unlawful coal allocations to his firm. Moreover, a sting operation revealed inflated charges being charged to MBBS college students at his medical faculty.
The controversies continued into current years. In 2019, a world funding challenge involving Jagathrakshakan’s household got here below the highlight. Sri Lanka’s Board of Investments introduced a big oil refinery challenge in Hambantota, with Jagathrakshakan’s members of the family listed as administrators of the corporate financing the challenge. This raised questions in regards to the supply of the funds and led to additional scrutiny by the ED for doable FEMA violations.
