As part of an inquiry into the ‘Pandora Papers’ disclosures that exposed Rohan Timblo’s suspected undeclared foreign money outside of India, the Enforcement Directorate has confiscated an asset worth Rs 36.8 crore that belonged to the son of a Goa miner.
According to the investigation of the Enforcement Directorate, Rohan Timblo, a Goa miner’s son, was the owner of three interrelated firms that were being scrutinized by the Singapore Inland Revenue Authority as well as an offshore family trust in Goa, India.
After it was determined that Rohan Timblo had broken the section 4 of the FEMA, 1999, in Indian Constitution Act, one of his real estate holdings in the state was seized.
The Pandora Papers Leak
In Delhi, India, as a part of its probe into the ‘Pandora Papers’ leaks, which “revealed” his purported concealed foreign exchange outside of India, the Enforcement Directorate announced on Saturday itself that it has confiscated an important asset worth Rs 36.80 crore belonging to a miner’s son in Goa, Rohan Timblo.
The Foreign Exchange Management Act (FEMA), section 37A(1) has been used to issue the seizure of Assets of worth rs 36.80 crore order against Rohan Timblo.
Start of the case
According to a statement from the agency, Enforcement Directorate, Rohan is the son of Goa-based miner Radha Timblo.
The investigation into Rohan Timblo was started on the basis of the Pandora Paper leaks, where it was revealed that he owned an illegal offshore family trust and its three underlying corporate entities which have come under the scanner of the Inland Revenue Authority of Singapore (IRAS).
It means that the foreign exchange he was doing was illegal.
After the International Consortium of International Journalists (ICIJ) released 2.94 terabyte data, the caches that were present in the data, revealed the offshore secrets of wealthy elites from more than approximately 200 countries and territories, including those from India, the Pandora Papers global leaks came to light in 2021.
What did the Investigation reveal?
According to the Enforcement Directorate, the investigation revealed that Asiaciti Trust Singapore Pvt Ltd supplied the corporate trustee services to the Colares Trust, whose sole settlor and beneficiaries were Rohan Timblo himself, and his wife Mallika Timblo, and their children.
What were the three organizations?
According to the statement, the Caleta Holdings Limited, Samoa; Cazar Finance S.A, BVI; and Corylus Assets Inc, Panama; were the three corporate organizations that made up the Colares Trust.
In 2012, the Colares Trust was able to manage a capital fund worth USD 4,499,620.
According to the agency, Rohan Timblo did not notify the same to any of the Indian authorities.
Accordingly, the data presented stated that, Rohan Timblo contravened the terms of Section 4 of FEMA, 1999 by purchasing foreign currency outside of India for a total of USD 4,499,620 (about Rs 37,34,68,460), and as a result, an immovable property of Rohan Timblo has been confiscated.
The property had been acquired by illegal means. Rohan Timblo had violated many sections of the Indian Constitution and now all his assets are in the custody of the Government.