ED Siezes Asset Worth Rs 36 Crore From Goan Miner's Son For Alleged FEMA Violations

Timblo, the son of a Goa-based miner, is under investigation for his alleged undisclosed foreign exchange outside India revealed in the ‘Pandora Papers’ leaks.

The Pandora Paper leaks alleged that Timblo owned an offshore family trust and three corporate entities under the trust, which are facing scrutiny by the Inland Revenue Authority of Singapore (IRAS).

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The Enforcement Directorate informed on Saturday that it has seized an asset worth Rs 36.8 crore from Rohan Timblo. Timblo, the son of a Goa-based miner, is under investigation for his alleged undisclosed foreign exchange outside India revealed in the ‘Pandora Papers’ leaks.

According to a PTI report, the asset has been seized as part of an order issued under section 37A (1) of the Foreign Exchange Management Act (FEMA). The Pandora Paper leaks alleged that Timblo owned an offshore family trust and three corporate entities under the trust, which are facing scrutiny by the Inland Revenue Authority of Singapore (IRAS). 

The Pandora Papers leaks became famous across the world in 2021. As part of the leaks, the International Consortium of International Journalists (ICIJ) revealed a large amount of data, 2.94 terabytes to be exact, bringing to light the offshore secrets of rich elites from more than 200 countries and territories across the globe, including India. 

The ED through it’s investigation revealed that the Asiaciti Trust Singapore provided corporate trustee services to the Colares Trust, where Rohan Timblo remained the sole settlor and one of the beneficiaries along with his wife Mallika Timblo and their children, PTI reported. 

The agency further revealed that the trust had three underlying corporate entities, namely, Calheta Holdings Ltd, Samoa, Cazar Finance S.A, BVI, and Corylus Assets Inc, Panama.

Elaborating on the details, ED noted, “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.”

Citing this, the agency stated Timblo contravened FEMA, 1999 provisions under section 4 of the act by acquiring foreign exchange outside India. Timblo acquired exchange worth $4,499,620, based on which an immovable property owned by Timblo has been seized by the agency, PTI reported. Rohan Timblo is the son of Goa-based miner Radha Timblo.