On Saturday, the Enforcement Directorate (ED) said it had seized investments worth Rs 30.60 crore in connection with an alleged foreign exchange violation case against Vikram Swarup and Gaurav Swarup. 

The Indian businessmen brothers were named in the global financial data leaks called ‘Pandora Papers’. It appeared in 2021 after the International Consortium of Investigative Journalists (ICIJ) released a 2.94 terabyte data dump exposing the offshore secrets of affluent elites from over 200 countries and territories, including India.

The leak stated that the Swarup brothers were “beneficial owners” in Epsilon Enterprises Ltd, incorporated in the British Virgin Islands, the agency said. They held bank accounts at Standard Chartered Bank in Jersey and Bank J. Safra Sarasin in Switzerland.

According to the report, the brothers were holding assets in foreign currency in these accounts in violation of Section 4 of the Foreign Exchange Management Act, 1999.

The research was based on disclosing secret records from 14 offshore service providers who provide professional services to affluent individuals and organisations looking to form shell companies, trusts, foundations, and other entities in low- or no-tax jurisdictions.

According to the statement, assets totalling Rs 30.60 crore in securities investments were located and confiscated under FEMA Section 37A, and further investigation is ongoing.