ANI
06 Jun 2023, 09:33 GMT+10
Bengaluru (Karnataka) [India], June 6 (ANI): Enforcement Directorate (ED) carried out search operations at the premises of a Bengaluru-based firm and its director in connection with a money laundering case.
The search operations were conducted at Shree Parvathi Tex (India) Pvt Ltd and its director Rajendra Patil in acase registered under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
According to ED statement, the premises covered include the residential premises of Patil as well as the office premises of Shree Parvathi Tex (India) Pvt Ltd, where Rajendra Patil is one of the Directors along with his family members.
The searches were conducted on June 2.
ED initiated the investigation under provisions of FEMA, 1999 on the basis of Panama Paper leaks where the name of Rajendra Patil surfaced. It was alleged that Patil made an undisclosed credit of Rs 66.35 crore in offshore entities.
The searches conducted revealed that Patil has invested in various companies in Dubai, Tanzania and the British Virgin Islands. Further, he also held bank accounts in Dubai and Tanzania, the agency said.
During the course of the search, several documents related to the overseas investment made by Rajendra Patil were recovered and seized.
Further investigation is in progress. (ANI)Get a daily dose of Liverpool Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Liverpool Star.
More InformationLONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
Surrey [Canada], July 11 (ANI): Comedian and actor Kapil Sharma's 'Kap's Cafe' in Canada has shared their response against the firing...