In a search, carried out in Bangalore, the Directorate of Enforcement (ED) unearthed undisclosed credit of Rs. 66.35 Crore in offshore entities.
The search was carried out based on the case registered against Rajendra Patil under the provisions of the Foreign Exchange Management Act,(FEMA) 1999. The premises covered included the residential premises of Rajendra Patil as well as the office premises of M/s Shree Parvathi Tex (India) Pvt. Ltd., where Rajendra Patil is one of the Directors along with his family members.
The investigation was initiated under provisions of FEMA, 1999 based on Panama Paper Leaks where the name of Rajendra Patil surfaced. It was alleged that Rajendra Patil made an undisclosed credit of Rs. 66.35 Crore in offshore entities.
The search revealed that Rajendra Patil has invested in various companies in Dubai, Tanzania and the British Virgin Islands. Further, he also held bank accounts in Dubai and Tanzania. Several documents related to overseas investments made by Rajendra Patil were recovered and seized by ED.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
