The Enforcement Directorate (ED) recently carried out search operations in Bengaluru in a Foreign Exchange Management Act violation case registered against Shree Parvathi Tex (India) Pvt Ltd and its Director Rajendra Patil, an official said.
The ED initiated a PMLA investigation under provisions of the FEMA, based on Panama Paper Leaks where name of Patil had surfaced, for allegedly making an undisclosed credit of Rs 66.35 crore in offshore entities.
The raids were conducted at the residential premises of Patil as well as office premises of Shree Parvathi Tex.
The searches revealed that Patil has invested in various companies in Dubai, Tanzania, and British Virgin Islands. Further, he also held bank accounts in Dubai and Tanzania, and several documents related to overseas investment made by him were recovered and seized.
In May, the ED seized three immovable properties located at Ceejay house, Worli, Mumbai worth Rs 41.64 crore under the provisions of FEMA in its investigation against Zavareh Soli Poonawalla whose name appeared in Panama Paper leaks.
In November last year, the ED conducted raids at multiple locations in Hyderabad in FEMA case, which too had a Panama Paper Leaks case connection. The Chinese firms which routed the back money was said to be owned by Li Wenhuo, who was named in the leaks.
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