In a significant development stemming from the Pandora Papers Leak, the Enforcement Directorate (ED) has taken possession of assets totalling a staggering ₹36.80 crore from Rohan Timblo, the progeny of a prominent mining magnate based in Goa. The ED’s actions have been prompted by revelations of alleged undisclosed foreign exchange holdings held by Timblo outside India.
According to the Live Mint, an investigation was sparked by the Pandora Papers, a revelation that unfolded in 2021 when the International Consortium of Investigative Journalists (ICIJ) released a voluminous 2.94-terabyte dataset. This monumental exposé exposed the intricate offshore dealings of affluent individuals spanning more than 200 countries and territories, with India being no exception.
Rohan Timblo’s involvement came under intense scrutiny following these revelations. According to the ED’s findings, Asiaciti Trust Singapore Pte Ltd, a corporate trustee solutions provider, was intricately linked to the Colares Trust. Within the framework of this trust, Rohan Timblo held the exclusive status of “settlor,” while his wife, Mallika Timblo, and their offspring were designated as beneficiaries.
The Colares Trust, central to this investigation, was anchored by three underlying corporate entities: Calheta Holdings Ltd, based in Samoa; Cazar Finance S.A, registered in the British Virgin Islands (BVI); and Corylus Assets Inc, incorporated in Panama.
The crux of the matter revolves around the alleged concealment of foreign assets by Rohan Timblo. The agency asserts that a substantial capital fund, totalling USD 4,499,620, administered within the Colares Trust in 2012, was not reported to Indian authorities. This alleged transgression implicates Timblo in contravention of the provisions outlined in section 4 of FEMA, 1999, pertaining to the acquisition of foreign exchange outside India.
As a consequence, the Enforcement Directorate has seized a valuable immovable property owned by Rohan Timblo, equivalent to the amount of USD 4,499,620 (approximately ₹37,34,68,460).
The Pandora Papers Leak has illuminated the intricate tapestry of global financial operations, unearthing hidden wealth and sparking investigations into individuals’ offshore dealings. The actions taken by the ED against Rohan Timblo underscore the growing importance of transparency and accountability in financial affairs, particularly those with international ramifications. The Pandora Papers Leak continues to send ripples through the corridors of power, prompting reevaluation and reinforcing the imperative for openness and compliance in matters of wealth and assets.
