Pandora Papers leak: ED seizes asset worth over Rs 36 cr from Goa miner's son Rohan Timblo

The Enforcement Directorate(ED) on Saturday revealed that it has seized an asset valued at Rs 36.80 crore from Rohan Timblo who is the son of a Goa based miner. This action is a part of investigation into 'Pandora Papers' leaks which "revealed" his alleged undisclosed foreign exchange beyond India. The seizure directive for Timblo has been issued under section 37A(1) of the Foreign Exchange Management Act (FEMA).

The probe was initiated against Rohan Timblo "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)".

In 2021, the 'Pandora Papers' leaks became known. The International Consortium of International Journalists (ICIJ) released a massive amount of data, about 2.94 terabytes, that revealed the hidden offshore information of rich and powerful people from over 200 countries, including India.


The probe found that Asiaciti Trust Singapore Pte Ltd provided corporate trustee services to the Colares Trust, of which Rohan Timblo was the "sole settlor" and one of the beneficiaries alongwith his wife Mallika Timblo and their children, the ED said.

The Colares Trust had three underlying corporate entities-- Calheta Holdings Ltd, Samoa; Cazar Finance S.A, BVI and Corylus Assets Inc, Panama, it said.

"The capital fund available under administration of Colares Trust in 2012 was USD 4,499,620. The same was not declared by Rohan Timblo before the Indian authorities," the agency alleged.

Hence, it said, by acquiring foreign exchange outside India Rohan Timblo "contravened" the provisions of section 4 of FEMA, 1999 for a total amount of USD 4,499,620 (about Rs 37,34,68,460) and accordingly an immovable property of Rohan Timblo has been seized.

Inputs from PTI