NEW DELHI: Investments in securities worth Rs 30.60 crore have been seized in connection with an alleged foreign exchange violation case against Vikram Swarup and Gaurav Swarup whose name figured in global financial data leaks called ‘Pandora Papers’, the Enforcement Directorate (ED) said on Saturday. The Pandora leaks stated the Indian businessmen brothers were “beneficial owners” in a company, Epsilon Enterprises Ltd, incorporated in British Virgin Islands, the agency said in a statement.
The ‘Pandora Papers’ global leaks surfaced in 2021 after the International Consortium of Investigative Journalists (ICIJ) came out with 2.94 terabyte of data trove that exposed the offshore secrets of wealthy elites from more than 200 countries and territories including India.
The investigation was stated to be based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low or no-tax jurisdictions.
“Vikram Swarup and Gaurav Swarup were the beneficiaries in bank accounts of Epsilon Enterprises Ltd. maintained with Standard Chartered Bank, Jersey and the Bank J. Safra Sarasin, Switzerland.”
“Investigation found that the Swarup brothers were holding assets in the form of foreign exchange in these accounts in contravention of Section 4 of the Foreign Exchange Management Act, 1999,” the ED said.
Assets totalling Rs 30.60 crore in the form of investments in securities were identified and seized under section 37A of FEMA and further investigation is under progress, it said.
The ‘Pandora Papers’ global leaks surfaced in 2021 after the International Consortium of Investigative Journalists (ICIJ) came out with 2.94 terabyte of data trove that exposed the offshore secrets of wealthy elites from more than 200 countries and territories including India.
The investigation was stated to be based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low or no-tax jurisdictions.
“Vikram Swarup and Gaurav Swarup were the beneficiaries in bank accounts of Epsilon Enterprises Ltd. maintained with Standard Chartered Bank, Jersey and the Bank J. Safra Sarasin, Switzerland.”
“Investigation found that the Swarup brothers were holding assets in the form of foreign exchange in these accounts in contravention of Section 4 of the Foreign Exchange Management Act, 1999,” the ED said.
Assets totalling Rs 30.60 crore in the form of investments in securities were identified and seized under section 37A of FEMA and further investigation is under progress, it said.
