New Delhi, Aug 19 The Enforcement Directorate (ED) on Saturday said an order has issued a seizure order against Rohan Timblo, the son of Goa-based miner Radha Timblo, and seized immovable property amounting to Rs 36.80 crore in the coastal state in connection with foreign exchange held by the accused outside India.
The ED initiated an investigation against Rohan Timblo based on the Pandora Paper leaks, which revealed that he owned an offshore family trust and its three underlying entities.
These entities have now come under the scanner of the Inland Revenue Authority of Singapore (IRAS).
The ED investigation further revealed 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, and their children.
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 the administration of Colares Trust in the year 2012 was $4,499,620. This amount was not declared by Rohan Timblo before the Indian authorities. Therefore, by acquiring foreign exchange outside India, he contravened the provisions of section 4 of FEMA, 1999, for a total amount of $4,499,620 (approximately Rs 37,34,68,460). As a result, an immovable property of the accused has been seized," an ED official said.
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