NHTimes

Panaji, Jan 6: Law appears to be slowly catching up with the foreigners many of whom formed ‘dubious’ companies in the state to hoodwink the law and purchased vast stretches of land in violation of the Foreign Exchange Maintenance Act.

According to the information provided by the officials in the state administration, the Enforcement Directorate has almost finalised cases as regards to at least 11 firms and their owners/directors and orders on their fate is expected to be passed soon.

The state officials further said that the companies if found guilty of having violated the FEMA could face severe penalty or their properties could be confiscated. The ED had issued to over 250 firms for violation of FEMA and started proceedings against them, said the officials.

They also said that among the companies whose fate is likely to be decided soon are True Axis, owned by Russian partners, whose property located in the Coastal Regulation Zone was razed by the state officials on Monday. Meanwhile, Ms Jyoti R Sharma, assistant director of the Enforcement Directorate told The Navhind Times that a further seating of the directorate officials would be held in Goa by the month-end to decide on cases of the companies that have violated the laws.