ED seizes over Rs 65 cr of Venkateshwara Hatcheries in FEMA probe

New Delhi: Nine properties worth more than Rs 65 crore of prominent hatchery company-- Venkateshwara Hatcheries Pvt Ltd-- have been seized under the foreign exchange law for allegedly making illegal foreign remittances to purchase a 90-acre house in the UK, the Enforcement Directorate said on Monday.

The seized assets are located in Maharashtra and Karnataka



and the ED case, being probed under the provisions of the Foreign Exchange Management Act (FEMA), pertains to these remittances made by the company from 2011 to its wholly-owned subsidiary named Venky's Overseas Limited (VOL), UK.

The total value of these properties is Rs 65.53 crore, according to the ED.