Panama Papers: ED seizes over Rs 41 cr valued prime real estate of businessman in Mumbai

Press Trust of India

New Delhi: The Enforcement Directorate on Monday seized three offices in a prime location in Mumbai, valued more than Rs 41 crore, as part of a foreign exchange violation probe against a businessman whose name figured in the Panama Papers.  

In a statement, the federal probe agency said the action was taken against Zavareh Soli Poonawalla and his family members. They are accused of “remitting foreign exchange abroad by mis-utilising the provisions of the LRS (Liberalised Remittance Scheme)”, it said.

The Enforcement Directorate (ED) seized three immovable assets located at the Ceejay House in Mumbai’s Worli area to the extent of Rs 41.64 crore under the provisions of the Foreign Exchange Management Act (FEMA), the statement said.

Poonawalla and his family “used the maximum permissible limit (as available under the LRS) and from the year 2011-12, they remitted money abroad via mis-declarations under the pretext of ‘family maintenance and selfmaintenance’ etc”, the agency said.

“However, none of their family members was residing abroad or holding NRI status,” it alleged. The entire funds remitted by Poonawalla, whose name was found in the Panama Papers revelations regarding offshore entities, and his family members under LRS were invested into British Virgin Islands-based Stallast Limited, the ED said.