ED attaches ₹36.80 crore of Goa miner Rohan Timblo in FEMA violations probe

The Pandora papers leak had revealed dubious dealing and failure to declare having received foreign exchange outside of India to the tune of USD 4,499,620

The Enforcement Directorate (ED) on Saturday said that it has attached property worth ₹36.80 crore belonging to Rohan Timblo of the Goa-based Satish Timblo Group of Companies, in connection with a probe resulting from the Pandora papers leak that revealed dubious dealing and failure to declare having received foreign exchange outside of India to the tune of USD 4,499,620.

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“In the year 2012, the capital fund available under the administration of the Kolares Trust was $4,499,620. This amount was not declared by Rohan Timblo to the Indian authorities. Therefore, by receiving foreign exchange outside India, he violated the provisions of Section 4 of the Foreign Exchange Management Act (FEMA) for an amount of $4,499,620 (approximately Rs37,34,68,460). As a result, the immovable property of the accused has been confiscated,” an ED official said.

Satish Timblo, who passed away in 1997, left behind his mining estate to his wife Radha Timblo and children.

Timblo Private Limited and related companies have been under the scanner of ED since 2014. In 2014, ED questioned family matriarch Radha Timblo in connection with a probe into black money stashed abroad as the company was among those whose names figures in a government list of companies submitted before the Supreme Court. Besides Radha Timblo, ED also questioned son Chetan Timblo in November 2014.

In 2021, the Pandora papers leak revealed that an offshore family trust owned by Rohan Timblo, son of Goa-based miner Radha Timblo, has come under the scanner of the Inland Revenue Authority of Singapore (IRAS), the Pandora Papers revealed. Besides the trust, its three underlying companies, and transactions with two Bulgarian citizens are also under investigation.

An investigation by the International Consortium of Investigative Journalists (ICIJ) revealed that IRAS asked for details of Timblo’s Colares Trust in Singapore and its three underlying firms—Calheta Holdings Ltd in Samoa, Cazar Finance SA in the British Virgin Islands and Panama-based Corylus Assets Inc.

Two branches of the Timblo Company are operational in Goa’s mining sector. The other branch of the company Fomento Resources currently headed by Ambar Timblo has distanced itself from the Satish Timblo Group of Companies.

The company didn’t immediately respond to email seeking its response.

Last week, ED has seized the entire shareholding assets belonging to Late Anil Salgaocar, a former MLA of the Goa Legislative Assembly and iron ore mining baron, for allegedly violating provisions of the FEMA.