The son of a miner in Goa, Rohan Timblo, had an asset valued at 36.80 crore seized from him by the Enforcement Directorate on Saturday. The seizure was a result of the Pandora Papers Leak inquiry. The investigation turned out his allegedly secret overseas transactions outside of India.
Rohan Timblo was reportedly under investigation “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)”
Rohan Timblo, a miner from Goa, has been the target of a seizure order issued under section 37A(1) of the Foreign Exchange Management Act (FEMA).
Pandora Papers Leak: The ‘Pandora Papers’ discoveries surfaced in 2021 after the International Consortium of Investigative Journalists (ICIJ) made a massive 2.94 terabyte dataset public. This exposé exposed the intricate offshore dealings of wealthy people from over 200 countries and territories, including India.
According to the federal authorities, the Pandora Papers Leak investigation showed that Asiaciti Trust Singapore Pte Ltd provided corporate trustee services to the Colares Trust. In this trust, Rohan Timblo served as the sole “settlor,” and he was joined as beneficiaries by his wife Mallika Timblo and their kids.
According to the statement, the Calheta Holdings Ltd, Samoa; Cazar Finance S.A, BVI; and Corylus Assets Inc, Panama; were the three corporate organizations that made up the Colares Trust.
“In 2012, USD 4,499,620 in capital was available for Colares Trust’s administration. According to the agency, Rohan Timblo did not notify the same to the Indian authorities.
Accordingly, it stated, Rohan Timblo “contravened” the terms of section 4 of FEMA, 1999 for a total of USD 4,499,620 (or approximately 37,34,68,460) by purchasing foreign currency outside of India, and as a result, an immovable property of Rohan Timblo has been confiscated.
