In connection with the foreign currency that Rohan Timblo possessed outside of India, the Directorate of Enforcement (ED) issued a seizure order under section 37A (1) of the FEMA, 1999 against Rohan Timblo and confiscated the immovable property worth Rs. 36.80 Crore in Goa.
After learning that Rohan Timblo, the son of Goa-based miner Radha Timblo, owned an offshore family trust and its three underlying entities that were being investigated by the Inland Revenue Authority of Singapore (IRAS), the ED opened an investigation into him.
The Colares Trust, of which Rohan Timblo was the only settlor and one of the beneficiaries along with his wife Mallika Timblo and their children, was served by one Asiaciti Trust Singapore Pte Ltd, according to an ED investigation. The three corporate organisations that made up the Colares Trust were Calheta Holdings Ltd. in Samoa, Cazar Finance S.A. in the British Virgin Islands, and Corylus Assets Inc. in Panama.
In 2012, there was USD 4,499,620 in the capital fund that Colares Trust was in charge of. Rohan did not make the same declaration to the Indian authorities. Therefore, Rohan violated the terms of section 4 of the FEMA, 1999, for a total of USD 4,499,620 (about Rs. 37,34,68,460/-), and as a result, immovable property of Rohan Timblo has been confiscated.
