The ED seized the properties under Section 37A (1) of the Foreign Exchange Management Act (FEMA), 1999 for alleged violation of the law.
The seizure order has been issued pursuant to an investigation, which revealed that prima facie Bhandari had acquired movable and immovable assets worth more than Rs. 150 crore outside India in contravention of section 4 of FEMA, 1999.
The assets included undisclosed deposits in foreign bank accounts in the UAE in the various foreign currency denominations, beneficial ownership of companies incorporated in the UAE, one Flat in Palms Jumeirah, Dubai and two flats in the UK.
The income tax authorities had also issued a notice under the Black Money Act to Bhandari for not disclosing his foreign assets.
He has reportedly fled the country and is presently in the UK.
The investigation conducted so far has also revealed routing of funds in various companies of Bhandari through accommodation entries provided by shell companies.
Following the investigation, a seizure order has been issued in respect of the assets, identified so far in India, to the tune of Rs 26.61 crore held by him in his name, in the name of his wife as well as his various companies.
The investigation is in progress. (ANI)