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ED Raids Bengaluru Company for FEMA Violations Linked to Panama Papers

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Enforcement Directorate (ED) search raids on Shree Parvathi Tex (India) Pvt Ltd & Rajendra Patil for FEMA violations uncovered hidden investments in Dubai, Tanzania & the British Virgin Islands. Patil's undisclosed credit of Rs 66.35 crore in offshore entities was revealed by Panama Paper Leaks. The ED also seized bank accounts and documents associated with overseas investments. In a previous case, the ED seized three properties worth Rs 41.64 crore belonging to Zavareh Soli Poonawalla, another name from the Panama Papers. The Chinese firms which routed back money were also targeted last year based on the Panama Paper leaks.

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