ED Conducted Searches at Four Premises of Sanjay Vijay Shinde in a Money Laundering Case

The Directorate of Enforcement (ED) conducted searches at four locations in Bhopal (Madhya Pradesh) and Goa in connection with a Money Laundering Case filed against Sanjay Vijay Shinde.

Sanjay Vijay Shinde’s name appeared in the Panama Papers leaks, in which the names of several persons with beneficial interests in various offshore corporations were published. Sanjay Vijay Shinde held beneficial interests in a British Virgin Islands-based offshore entity, into which other offshore entities deposited more than Rs.31 crore in a Singapore-based bank account. The Income Tax Department filed a criminal charge against Sanjay Vijay Shinde in accordance with the terms of the Black Money (Undisclosed Foreign Income and Assets) and Tax Imposition Act, 2015. The ED then launched an investigation under the provisions of the Prevention of Money Laundering Act, 2002.

Searches were carried out at four locations associated with Sanjay Vijay Shinde. These include his own properties in Goa and Bhopal, the premises of his former employer, M/s VS Dempo Holdings Pvt Ltd in Goa, and the premises of M/s RPM Sonic Adventures and M/s Caravan Resorts in Bhopal, MP.

From the premises, a cash amount of Rs.88.30 Lakh and several incriminating documents were found.

More research is being conducted.