New Delhi, Oct 20 The Enforcement Directorate (ED) has filed a charge sheet against businessman Sanjay Vijay Shinde, his wife Aparna Shinde and Venus Bay Offshore Ltd.
Shinde’s name figured in Panama Paper leaks and is also involved in the import-export business.
The financial probe agency filed a charge sheet on October 18 against them under the provisions of the Prevention of Money Laundering Act, (PMLA) 2002 before the Special PMLA Court in Bhopal, which took cognisance of the same on Friday.
The ED investigation is based on the basis of case filed by Income Tax Department under section 51 of Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015 against Shinde and others.
The ED probe revealed that Sanjay Vijay Shinde had established an offshore company in tax haven British Virgin Island (BVI) in the name of Venus Bay Offshore Ltd and received huge sum amounting to Rs 21.87 crore in the bank accounts of the said company maintained at UBS-AG Bank, Singapore.
“The accused was the sole director, shareholder and beneficial owner of the said company. Since, the interest in the foreign company and the assets in the form of money received in the foreign bank account was not disclosed by the accused in his Income Tax Return, the proceedings under Black Money Act, 2015 were initiated against him and a charge sheet was filed by Income Tax Department,” it said.
The ED said that its investigation also revealed that he brought the money to India from BVI Company through NRE or NRO accounts route and invested in into FCNR-FD account.
“By liquidation from the above FDs, the amount was invested into various movable and immovable properties,” the agency said, adding that he had purchased properties across Bhopal, Goa, Vadodara and Mumbai using the proceeds of crime.
He also invested in mutual funds, shares, FDs, LIC policies and as capital investment in businesses.
“During the investigation, it was established that he has derived profits from utilisation of proceeds of crime amounting to Rs 12.40 crore and thus his total PoC was calculated as Rs 34.22 crore,” the ED said.
The ED conducted searches at various premises of Shinde and cash amount of Rs 88.30 lakh were seized along with various incriminating documents. ED has also attached 18 immovable properties across Bhopal, Goa, Vadodra and Mumbai and movable properties in form of investment in MFs, shares, FDs, LIC policies, and vehicles worth Rs 29.59 crore.
