ED probing Timblo Pvt Ltd in mining scam, laundering case | india | Hindustan Times
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ED probing Timblo Pvt Ltd in mining scam, laundering case

Goa-based mining company Timblo Private Limited, named by the Centre in an affidavit for allegedly stashing blackmoney in foreign banks, is already being probed for charges of money laundering by the Enforcement Directorate in a mining scam case.

india Updated: Oct 28, 2014 22:34 IST

Goa-based mining company Timblo Private Limited, named by the Centre in an affidavit for allegedly stashing blackmoney in foreign banks, is already being probed for charges of money laundering by the Enforcement Directorate (ED) in a mining scam case.

Sources said the agency has issued summons to the firm and its directors sometime back after it registered a criminal case in the Rs 35,000-crore Goa illegal mining scam in the beach state, which was earlier investigated by the MB Shah Commission for alleged large-scale irregularities.

"The company is one among many in the state being probed by the agency in the illegal mining money laundering case.

They have been issued preliminary notices for want of documents," an agency source said.

The list submitted by the central government in the Supreme Court on Monday mentioned the name of the firm and its directors Radha Satish Timblo, Chetan S Timblo, Rohan S Timblo, Anna C Timblo and Mallika R Timblo.

However, it was not clear whether the account holder is the company or its directors.

Reacting to these developments, Radha Timblo said on Tuesday she had "no undisclosed bank account abroad".

"My conscience is very clear. We have paid all the taxes.

We have no undisclosed bank accounts in India or abroad," she said in Panaji.

Officials said ED has asked the company to furnish details of the business operations and their financial transactions over the last few years as it looks to take the probe further in this mining case.

ED had in June registered a complaint under the provisions of the Prevention of Money Laundering Act (PMLA) after taking cognisance of the reports of the Commission, the inquiry boards constituted in this regard and also an FIR filed by Goa police's Crime Branch last year in August.

Close to 80 firms involved in mining in the state have been named in the Enforcement Case Information Report, equivalent to a police FIR, filed by the agency.

The Shah Commission has estimated that the scam was worth Rs 35,000 crore. It had submitted its report in 2012, two years after it was constituted in 2010.

The money laundering case has been registered "against government officials, mining companies and entities identified and mentioned in the report of the Central Empowered Committee appointed by Supreme Court and the Justice Shah Commission report, including the report of the Public Accounts Committee of Goa".

Sources said the ED suspects that the alleged illegal mining has caused a huge loss of revenue to the exchequer by way of laundering of funds and hence it needs to be probed.