goa: ED seizes shares held by Goa mining Baron’s Estate

The Directorate of Enforcement (ED) has seized the entire shares held by the estate of Goa-based businessman, the late Anil Salgaocar, in 33 companies over alleged foreign exchange violation in connection with assets held by Salgaocar outside India.

“…by acquiring foreign exchange and holding assets outside India, late Anil Salgaocar contravened the provisions of section 4 of FEMA, 1999 for a total amount of $690,650,641 (approx. ₹5,718 crore),” the federal agency said in a statement on Wednesday. “Accordingly, the entire shareholding of late Anil Salgaocar which has been transferred to estate of late Anil Salgaocar, in all 33 companies which varies from 0.1% to 99.9% has been seized by ED. These said 33 companies own 441 immovable properties located mainly at Goa and few at Mumbai and Karnataka,” it said.

ET had earlier reported that five members of the Salgaocar family are under ED probe over alleged FEMA violations.

The income-tax department is also probing the family members under the Black Money (Undisclosed Foreign Income and Assets) Act. It has sent five notices to members of the family, and each of the five members has been asked to pay ₹490 crore in dues, said an official privy to the developments.
Messages sent to members of the Salgaocar family didn’t elicit a response until press time Wednesday. ED had started probe against Salgaocar on the basis of Panama Paper leaks and Pandora Paper leaks where it is alleged that he had incorporated multiple companies in the tax haven of British Virgin Islands.