The Enforcement Directorate (ED) Saturday said investments in securities worth Rs 30.60 crore have been seized in connection with an alleged Foreign Exchange Management Act (FEMA) violation case against Vikram Swarup and Gaurav Swarup whose names figured in global financial data leaks termed the ‘Pandora Papers’.
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A spokesperson for the ED said, “It was revealed in the Pandora Leaks that Vikram Swarup and Gaurav Swarup were beneficial owners in a company Epsilon Enterprises Ltd incorporated in British Virgin Island. Investigations also revealed that Vikram Swarup and Gaurav Swarup were the beneficiaries in bank accounts of Epsilon Enterprises Ltd maintained with Standard Chartered Bank, Jersey and the Bank J Safra Sarasin, Switzerland.”
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“The investigation conducted under FEMA, 1999 revealed that the Swarup brothers were holding assets in the form of foreign exchange in the accounts maintained with Standard Chartered Bank, Jersey and the Bank J Safra Sarasin, Switzerland in the name of said Epsilon Enterprises Ltd in contravention of Section 4 of FEMA, 1999. During investigation, assets totalling Rs 30.60 crore in the form of investments in securities were identified and seized under Section 37A of FEMA, 1999,” the spokesperson said, adding that further investigation in the matter is under progress.
