The Enforcement Directorate searched four sites in Madhya Pradesh’s Bhopal and Goa in connection with a money laundering case against businessman Sanjay Vijay Shinde after his name appeared in the Panama Paper leaks. Sanjay Vijay Shinde is an import-export businessman and an iron core commission agent.
‘Sanjay Vijay Shinde had beneficial interests in a British Virgin Islands based offshore entity and in whose Singapore bank account more than Rs 31 crore was deposited by various offshore entities,’ according to the investigation agency.
Sanjay Vijay Shinde was previously charged by the Income Tax Department under the terms of the Black Money (Undisclosed Foreign Income and Assets) and the Imposition of Tax Act. The ED then launched an investigation under the Prevention of Money Laundering Act.
Shinde’s offices in Bhopal and Goa, including those of his former employer VS Dempo Holdings Pvt Ltd in Goa and RPM Sonic Adventures and Caravan Resorts in Bhopal, were raided early this week, according to the Enforcement Directorate (ED). The ED also recovered cash in the tune of Rs 88.30 lakh, as well as several incriminating documents, from the premises.