The Enforcement Directorate has seized assets worth ₹30.60 crore in the form of investments in securities under the Foreign Exchange Management Act (FEMA), in connection with a Pandora Paper Leaks case involving Vikram Swarup and Gaurav Swarup.
“It was revealed in the Pandora Leaks that Vikram Swarup and Gaurav Swarup were beneficial owners in a company, Epsilon Enterprises Limited, incorporated in the British Virgin Islands,” said the ED on Saturday, adding that the two were beneficiaries in the company’s bank accounts maintained with Standard Chartered Bank, Jersey, and the Bank J. Safra Sarasin, Switzerland.
“The investigation conducted under FEMA 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,” said the agency.
