Indore (Madhya Pradesh): The Directorate of Enforcement (ED) conducted raids at four locations of Sanjay Vijay Shinde based in Bhopal and Goa in connection with a Money Laundering Case on Friday. The team also seized Rs 88.30 Lakh cash including Rs 33 Lakh from Bhopal premises.
The four locations include the residential premises at Goa and Bhopal, the premises of Shinde's the then employer VS Dempo Holdings Pvt Ltd, Goa and the premises of RPM Sonic Adventures and Caravan Resorts at Bhopal, MP.
According to the officials of ED, the name of Sanjay Vijay Shinde was figured in the Panama Paper Leaks, wherein names of various individuals were revealed who had beneficial interests in various offshore entities.
Shinde had beneficial interests in the British Virgin Islands-based offshore entity, in whose Singapore-based bank account, more than Rs 31 crore were deposited by various offshore entities, said the federal agency.
The Income Tax department filed a prosecution complaint against Sanjay Vijay Shinde under provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Subsequently, investigation under provisions of Prevention of Money Laundering Act, 2002 was initiated by ED.
Nonetheless, further investigation into the matter was going on.