Pandora Papers Leak: ED seizes assets worth over ₹36 crore from Goa miner’s son

The Enforcement Directorate on Saturday seized an asset worth ₹36.80 crore from a Goa-based miner's son, identified as Rohan Timblo. The seizure was part of the investigation into the Pandora Papers Leak. The probe revealed his alleged undisclosed foreign exchange outside India.

According to the reports, Rohan Timblo was investigated "on the basis of Pandora Paper leaks 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 seizure order against Rohan Timblo, the son of Goa-based miner, has been issued under section 37A(1) of the Foreign Exchange Management Act (FEMA).

Pandora Papers Leak: In 2021, the 'Pandora Papers' revelations emerged when the International Consortium of Investigative Journalists (ICIJ) released a vast 2.94-terabyte dataset. This exposé unveiled the offshore intricacies of affluent individuals from over 200 countries and territories, India included.

The federal agency said the investigation into the Pandora Papers Leak revealed that Asiaciti Trust Singapore Pte Ltd delivered corporate trustee solutions to the Colares Trust. Within this trust, Rohan Timblo held the position of the exclusive "settlor," and was joined by his wife Mallika Timblo and their children as beneficiaries.

The Colares Trust had three underlying corporate entities-- Calheta Holdings Ltd, Samoa; Cazar Finance S.A, BVI and Corylus Assets Inc, Panama, it said.

"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," the agency alleged.

Hence, it said, 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 ₹37,34,68,460) and accordingly an immovable property of Rohan Timblo has been seized.

(With agency inputs)