NEW DELHI: The Enforcement Directorate Saturday said it has seized an asset worth Rs 36.80 crore of a Goa-based miner’s son as part of its investigation into ‘Pandora Papers’ leaks which “revealed” his alleged undisclosed foreign exchange outside India.
The seizure order against Rohan Timblo has been issued under section 37A(1) of the Foreign Exchange Management Act (FEMA).
Rohan is the son of Goa-based miner Radha Timblo, the agency said in a statement.
The probe was initiated against Rohan Timblo “on the basis of Pandora Paper leaks where it was revealed that he owned an offshore family trust and its three underlying corporate entities which have come under the scanner of the Inland Revenue Authority of Singapore (IRAS)”.
The ‘Pandora Papers’ global leaks surfaced in 2021 after the International Consortium of International Journalists (ICIJ) came out with 2.94 terabyte data trove that exposed the offshore secrets of wealthy elites from more than 200 countries and territories including those from India.
The probe found that Asiaciti Trust Singapore Pte Ltd provided corporate trustee services to the Colares Trust, of which Rohan Timblo was the “sole settlor” and one of the beneficiaries along with his wife Mallika Timblo and their children, the ED said.
The Colares Trust had three underlying corporate entities– Calheta Holdings Ltd, Samoa; Cazar Finance S.A, BVI and Corylus Assets Inc, Panama, it said.
“The capital fund available under the administration of Colares Trust in 2012 was USD 4,499,620. The same was not declared by Rohan Timblo before the Indian authorities,” the agency alleged.
Hence, it said, by acquiring foreign exchange outside India Rohan Timblo “contravened” the provisions of section 4 of FEMA, 1999 for a total amount of USD 4,499,620 (about Rs 37,34,68,460) and accordingly an immovable property of Rohan Timblo has been seized.
