New Delhi: The Enforcement Directorate (ED) has issued a FEMA showcause notice to Kashmiri businessman Zahoor Ahmed Shah Watali, arrested by the NIA in an alleged terror funding case, for purported illegal forex violations to the tune of over Rs 62.93 lakh.

The central agency said its probe under the Foreign Exchange Management Act (FEMA) revealed that Watali was “working as a conduit for foreign contributions of Jammu and Kashmir-based militant organisations.”

“Watali maintained non-resident external  (NRE) and non-resident ordinary (NRO) accounts by mis-declaring himself as an NRI and later transmitted foreign remittances of Rs 62,93,711 during 2002-03 to 2008-09 in these accounts from overseas destinations.

“Further, he could not provide satisfactory reasoning for source of funds collected overseas and subsequent remittances to India,” he said.

 

PTI