Long before the Hindenburg report, Gautam Adani's brother Vinod Adani had been named in the Panama Papers expose of 2016, alongside celebs and other corporates. Almost seven years after the Panama Papers blew the lid off overseas accounts used to stash money and evade taxes, the Enforcement Directorate is acting against firms and individuals named in it.
As part of a crackdown on multiple companies, it carried out searches against Bengaluru-based Rajendra Patil under the Foreign Exchange Management Act.
Rajendra Patil's home as well as the office of a firm Shree Parvathi Tex, where Patil and his family members are directors, were searched.
Patil had been named in the Panama Paper leaks in 2016, and it was alleged that he had "undisclosed" credits worth Rs 66.35 crore in offshore firms. The searches unearthed Patils investments in various companies in Dubai, Tanzania and British Virgin Islands (BVI).
