Prominent industrialist Anil Salgaocar is said to have failed to declare $932 million of profits to Indian authorities. Read more at straitstimes.com.
NEW DELHI – The Indian authorities have seized the entire shareholding of late mining tycoon Anil Vassudeva Salgaocar’s estate, after opening an investigation against him on the basis of information disclosed in the Panama and Pandora Papers.
Mr Salgaocar, a well-known industrialist who died in Singapore in 2016, is suspected of violating foreign exchange laws and not declaring millions of dollars of profits to the authorities, according to India’s Enforcement Directorate which tracks economic crimes.The directorate, in a press release dated Aug 9, said that as part of investigations, it seized all the shares owned by his estate.
Profits amounting to US$690 million earned by five of those firms in the British Virgin Islands between 2004 and 2012 were not declared to the Indian authorities, according to the investigations. Under India’s laws, Indian nationals cannot freely acquire foreign exchange nor hold assets outside the country, among other things. Penalties include recovering three times the sum of money involved in the violations.
Sources from the directorate told The Straits Times that members of the Salgaocar family were cooperating with the investigations.Tycoon jailed in Angola fails in bid to have money released from $749m kept in S’pore accountThe authorities’ move against the estate comes six months after the family won a long-running legal dispute in Singapore that involved assets implicated in the current investigation.
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