PANJIM: The Enforcement Directorate (ED) has seized the immovable property amounting to Rs 36.80 crore in Goa belonging to industrialist Rohan Timblo, in connection with the foreign exchange held outside the country, and on the basis of Pandora Paper leaks.
The seizure order issued under Section 37A (1) of the Foreign Exchange Management Act (FEMA), 1999 against Timblo, son of Goa-based miner Radha Timblo, who owned an offshore family trust and its three underlying companies, which came under the scanner of the Inland Revenue Authority of Singapore (IRAS).
The ED initiated investigation against Rohan on the basis of Pandora Paper leaks where it is revealed that he owned an offshore family trust and its three underlying companies.
The ED investigation further revealed that one Asiaciti Trust Singapore Pte Ltd provided corporate trustee services to the Colares Trust, of which Rohan was the sole settler and one of the beneficiaries along with his wife Mallika and their children.
The Colares Trust had three underlying corporate entities, viz Calheta Holdings Limited, Samoa; Cazar Finance SA, BVI and Corylus Assets Inc, Panama.
The capital fund available under administration of the Colares Trust in the year 2012 was USD 4,499,620. The same was not declared by Rohan before the Indian authorities, according to the ED.
Hence by acquiring foreign exchange outside India, Rohan contravened the provisions of Section 4 of FEMA, 1999 for a total amount of USD 4,499,620 (approximately Rs 37,34,68,460) and accordingly, an immovable property of Rohan has been seized.