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Man acquitted of forex irregularities after 16 years
A man booked 16 years ago for illegally possessing foreign currencies has finally been acquitted by the Delhi High Court.
Justice Anil Kumar allowed Prabhat Kumar Srivastava's petition, which challenged the FERA (Foreign Exchange Regulation Act) Appellate Tribunal's decision dismissing his plea for quashing of the proceedings against him.
The court directed the Enforcement Directorate (ED) to refund all the currencies recovered from his house during a raid in 1993.
The court also waived off a penalty of Rs.500,000 the ED had imposed on Srivastava.
Slamming the ED for giving erroneous findings, the court said: “The findings have been arrived at without any basis... and in the circumstances it has to be held that the adjudication order is not sustainable.”
Last updated on Jul 19th, 2009 at 16:44 pm IST--IANS
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