ED raids four places in Madhya Pradesh, Goa in money-laundering case

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The Enforcement Directorate (ED) conducted searches at four places in Madhya Pradesh's Bhopal and Goa in a money laundering case registered against Sanjay Vijay Shinde, who figured in the Panama Paper leaks wherein various individuals were named who had beneficial interests in various offshore entities, the agency said on Friday.

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

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

Shinde had beneficial interests in the British Virgin Islands-based offshore entity, in whose Singapore-based bank account, more than Rs 31 crore were deposited by various offshore entities, said the federal agency.

The Income Tax department filed a prosecution complaint against Shinde under provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Subsequently, an investigation under provisions of the Prevention of Money Laundering Act, 2002 was initiated by the ED.

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