The Directorate of Enforcement (ED) has taken a significant action in the Panama Paper Leaks case by seizing assets totaling Rs. 2.74 Crore.
These assets, including fixed deposits, bank balances, and land in Kolkata, were owned by Shyama Prasad Murarka and Sanjay Murarka. The seizure was made under the provisions of the Foreign Exchange Management Act (FEMA) of 1999.
The investigation uncovered that Shyama Prasad Murarka (now deceased) and Sanjay Murarka served as Directors and Shareholders of M/s Billipack Limited, a company incorporated in the British Virgin Islands. It was further revealed that both individuals benefited from a bank account held by M/s Billipack Limited with HSBC Switzerland, as exposed in the Panama Leaks.
The FEMA investigation disclosed that the Murarka family held “foreign exchange” assets in various accounts with HSBC Switzerland, both in their own names and in the name of M/s Billipack Limited. These holdings were found to be in violation of the provisions outlined in FEMA, 1999.
During the course of the investigation, assets valued at Rs. 2.74 Crore, consisting of fixed deposits, bank balances, and land (over 1 Cottah) in the 24 Parganas (South) region of Kolkata, were identified and seized under Section 37A of FEMA, 1999.
The Enforcement Directorate’s probe into this matter is ongoing as further investigation is being conducted. The authorities continue to scrutinize the financial irregularities, money laundering, and potential tax evasion related to the Panama Paper Leaks, ensuring strict compliance with FEMA, 1999.
This asset attachment sends a strong message against illicit funds, black money, and offshore accounts, emphasizing the ED’s commitment to tackling financial fraud and bringing offenders to justice.
The ED’s actions underscore the importance of adhering to the Foreign Exchange Management Act and maintaining transparency in financial transactions to curb illegal activities and protect the integrity of the financial system.
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