New Delhi, August 31, 2019 (PPI-OT): India’s Enforcement Directorate has slapped Rs 62 lakh penalty on illegally detained Kashmiri businessman, Zahoor Ahmed Watali, in a false case registered against him. The ED in a statement issued in New Delhi said, the case pertains to Zahoor Watali violating Foreign Exchange Management Act (FEMA) by ‘illegally’ opening non-resident savings accounts in a HSBC bank branch, Greater Kailash-I, New Delhi, by “faking” his non-resident Indian (NRI) status. The probe agency has issued a final show-cause notice and imposed penalty to the extent of Rs 62 lakh, the statement said.
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