Panama Papers: ED seizes Rs 88 lakh belonging to businessman who invested Rs 31 cr in BVI

The Enforcement Directorate (ED) has seized Rs 88 lakh belonging to a businessman whose title had figured within the Panama Papers leak for floating an offshore entity within the British Virgin Islands. Last week, the company raided premises related to Sanjay Vijay Shinde who used to be prior to now related to Goa’s premier commercial team Dempo Holdings.

The raids have been performed at 4 premises primarily based in Madhya Pradesh’s Bhopal and in Goa as a part of a cash laundering case the ED has registered towards Shinde.

“Name of Sanjay Vijay Shinde figured in the Panama Paper Leaks, wherein, names of various individuals were revealed who had beneficial interests in various offshore entities. Sanjay Vijay Shinde had beneficial interests in a British Virgin Islands-based offshore entity, in whose Singapore-based bank account, more than Rs 31 crore was deposited by various offshore entities,” the ED mentioned in a observation on Friday.

The subject used to be to begin with investigated by means of the source of revenue tax division which filed a prosecution grievance – an identical to a chargesheet – towards Shinde below provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Subsequently, an investigation below provisions of the Prevention of Money Laundering Act, 2002 used to be initiated by means of the ED.

“Searches were conducted at the four premises related to Sanjay Vijay Shinde. These include the residential premises at Goa & Bhopal, the premises of his the then employer M/s VS Dempo Holdings Pvt Ltd, Goa and the premises of M/s RPM Sonic Adventures & M/s Caravan Resorts at Bhopal, MP,” the ED mentioned, including that Rs 88.30 Lakh in money and more than a few incriminating paperwork have been recovered from the premises.

According to the International Consortium of Investigative Journalists (ICIJ), which revealed the leaks in collaboration with The Indian Express in India, Shinde, a director at Venus Bay Offshore Ltd with its registered deal with at Patel Estate, Betim Bardez, Goa, made the investments in BVI round 2008.

He is claimed to be keeping accounts with Portcullis Trustnet (BVI) Limited and UBS-Ag, Singapore.

Sources mentioned Shinde is an iron ore fee agent and runs an import-export trade as smartly. He used to offer consultancy to iron ore buyers and charged commissions on iron ore offers struck between international and Indian corporations. It is suspected that he laundered those commissions, allegedly won in black cash, to BVI to evade taxes.

Shinde has numerous trade pursuits, which come with journey sports activities, unique motels and kart racing throughout Bhopal and Goa.

Earlier hired with the mining arm of Dempo Group of businesses, Shinde used to be absorbed within the coal trade in Indonesia after the mining trade used to be offered to Vedanta. He labored with the Dempo team from 2007 to 2010. He used to be stationed in Indonesia the place the crowd then ran a coal trade which used to be later closed. He left the Dempo team in 2010.

A senior legitimate of the corporate mentioned, “They (ED) only visited our corporate office in Panaji. They have gone through some documents and they were completely satisfied that we have no connection with what the ex-employee had done.”

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