new delhi the enforcement directorate said on saturday it has seized assets worth rs 1028 crore of shravan gupta former md of realty major emaar mgf in connection with its fema probe in the hsbc blackmoney list unearthed a few years agothe central probe agency said in a statement it has taken the action against gupta under the foreign exchange management act for holding 1540650 in his bank account maintained with hongkong and shanghai banking corporation in switzerlandthe ed said it has seized an agricultural land worth over rs 1027 crore in delhis bijwasan area as an equivalent amount of the asset held abroadthe seizure order has been issued pursuant to investigation which revealed that prima facie gupta had foreign exchange held to the tune of 1540650 in his bank account in hongkong and shanghai banking corporation switzerland situated outside india in contravention of provisions of section 4 of fema 1999gupta had not shown this amount in the income tax returns filed in india for the period 200607 however he had declared this amount in 201112 and paid appropriate taxes the ed said in a statementit added that gupta failed to produce any evidence of repatriating the entire amount to india till dateit added that the it department had also filed a chargesheet against him in this casein 2005 emaar properties entered indian real estate market in partnership with indias mgf group and invested rs 8500 crore through the joint venture emaar mgf landhowever in april 2016 it decided to end this jv and two months later gupta the then executive vice chairman managing director of the jv resigned from the postthe agency added that the competent authority of the fema has also confirmed a similar seizure order of rs 2087 crore assets of dabur group director pradip burmanthese cases are part of the list of 628 indians who figured in a list of account holders in hsbcs geneva branch that india had obtained from the french government in 2007