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ED conducts raids at 4 places in Goa, MP: Panama Papers leak case

The premises were searched and a total of Rs 88.30 lakh in cash and several incriminating documents were discovered.

SNS | New Delhi |

The Enforcement Directorate (ED) conducted searches at four locations in Bhopal and Goa on Friday in a money laundering case filed against one Sanjay Vijay Shinde, in the latest step in the Panama Papers leak investigation.

The four locations associated with Shinde were searched. These include his homes in Goa and Bhopal, as well as the offices of his former employer, VS Dempo Holdings Pvt Ltd in Goa and RPM Sonic Adventures & Caravan Resorts in Bhopal.

The premises were searched and a total of Rs 88.30 lakh in cash and several incriminating documents were discovered.

“Name of Shinde figured in the Panama Papers Leak case wherein the names of various individuals were revealed, who had beneficial interests in various offshore entities. Shinde had beneficial interests in a British Virgin Islands-based offshore entity, in whose Singapore-based bank account, more than Rs 31 crore were deposited by various offshore entities,” the official said.

Shinde was charged with violating the requirements of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act by the Income Tax Department. The ED then launched an investigation under the terms of the Prevention of Money Laundering Act.

Further investigation in the matter is on.
(with inputs from IANS)