New Delhi, 17th June 2023: The Enforcement Directorate (ED) announced on Saturday that it has confiscated investments worth Rs 30.60 crore in connection with an alleged foreign exchange violation case against Vikram and Gaurav Swarup.
The Indian businessman brothers were mentioned in the ‘Pandora Papers’ worldwide financial data dumps. It first surfaced in 2021, with the release of a 2.94 terabyte data dump exposing the offshore secrets of rich elites from over 200 nations and territories, including India, by the International Consortium of Investigative Journalists (ICIJ).
According to the agency, the Swarup brothers were “beneficial owners” in Epsilon Enterprises Ltd, which was incorporated in the British Virgin Islands. They had accounts with Standard Chartered Bank in Jersey and the Swiss Bank J. Safra Sarasin.
According to the study, the brothers were violating Section 4 of the Foreign Exchange Management Act of 1999 by holding assets in foreign currency in these accounts.
The study relied on the disclosure of confidential documents from 14 offshore service providers who offer professional services to wealthy individuals and organisations wishing to establish shell companies, trusts, foundations, and other entities in low- or no-tax jurisdictions.
According to the statement, under FEMA Section 37A, assets totaling Rs 30.60 crore in securities investments were found and confiscated, and further investigation is ongoing.
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