The Enforcement Directorate (ED) carried out searches in Bengaluru against Shree Parvathi Tex (India) Pvt Ltd and its Director Rajendra Patil for Foreign Exchange Management Act violations. The ED initiated a PMLA investigation under provisions of FEMA based on Panama Paper Leaks, where Patil’s allegedly undisclosed credit of Rs 66.35 crore in offshore entities was revealed. Searches were conducted at Patil’s residential premises and office, revealing overseas investments in various companies in Dubai, Tanzania and the British Virgin Islands. The ED also discovered bank accounts in Dubai and Tanzania, seizing several documents connected to Patil’s overseas investments.
In its previous investigation against Zavareh Soli Poonawalla, whose name appeared in the Panama Paper leaks, the ED seized three immovable properties worth Rs 41.64 crore located at Ceejay house, Worli, Mumbai. In November last year, the ED conducted raids at multiple locations in Hyderabad in a FEMA case connected to the Panama Paper leaks where the Chinese firms which routed back money was said to be owned by Li Wenhuo, who was named in the leaks.
