Pandora Papers leak: ED seizes Rs 36-cr worth asset of Goa miner’s son
“The ED 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 probe was initiated against Rohan Timblo on the basis of Pandora Papers leak 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 agency said in a statement. The Enforcement Directorate on Saturday said it has seized assets worth Rs 36.8 crore of a Goa-based miner’s son as part of its investigation into Pandora Papers leak, 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 probe was initiated against Rohan Timblo on the basis of Pandora Papers leak 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 agency said in a statement.
“The ED 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. The capital fund available under administration of Colares Trust in 2012 was USD 4,499,620. The same was not declared by Rohan Timblo before the Indian authorities. Hence, 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 crore) and accordingly an immovable property of Rohan Timblo has been seized,” the ED said.
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