The Enforcement Directorate (ED) has revealed that it has seized assets worth Rs.31 crore related to Vikram Swarup and Gaurav Swarup under the provisions of the Foreign Exchange Management Act 1999, in connection with the Pandora Papers leak case. The assets were in the form of investments in securities. The Pandora Papers revealed that the Swarup brothers were beneficial owners of Epsilon Enterprises Ltd. in the British Virgin Islands, as well as the beneficiaries of the company’s bank accounts with Standard Chartered Bank, Jersey, and Bank J. Safra Sarasin, Switzerland. An investigation into the matter revealed that they were holding assets in contravention of Section 4 of FEMA, 1999, which led to the seizure of Rs.30.60 crore worth of investments in securities. Further investigations are underway under FEMA, 1999.
ED seizes assets worth Rs 31 crore in connection with Pandora Papers leak case involving Swarups
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