Panama Papers leak case: ED conducts raids at 4 places in Goa, MP

In a latest development in connection with the Panama Papers leak case, the Enforcement Directorate (ED) on Friday conducted searches at four premises in Bhopal and Goa in a money laundering case registered against one Sanjay Vijay Shinde.

Searches were conducted at the four premises related to Shinde. These include the residential premises in Goa and Bhopal, the premises of his then employer VS Dempo Holdings Pvt Ltd, Goa and the premises of RPM Sonic Adventures & Caravan Resorts at Bhopal.

Cash amount of Rs 88.30 lakh and various incriminating documents were recovered from the premises.

"Name of Shinde figured in the Panama Papers Leak case wherein the names of various individuals were revealed, who had beneficial interests in various offshore entities. Shinde had beneficial interests in a British Virgin Islands-based offshore entity, in whose Singapore-based bank account, more than Rs 31 crore were deposited by various offshore entities," the official said.

The Income Tax department had filed a prosecution complaint against Shinde under provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act. Subsequently, investigation under the provisions of Prevention of Money Laundering Act, was initiated by the ED.

Further investigation in the matter is on.