Panama leak: ED seizes Rs 2 .8 cr assets of Kolkata family

Tribune News Service

New Delhi, June 5

The Enforcement Directorate (ED) on Monday said it had seized assets worth Rs 2.74 crore of a Kolkata-based business family which allegedly held a Swiss bank account and which figured in the Panama papers leak.

The properties, seized under the Foreign Exchange Management Act (FEMA), include fixed deposits, bank balance and land at Kolkata belonging to Shyama Prasad Murarka (deceased) and Sanjay Murarka, the agency said.

The Panama leaks stated that Shyama Prasad Murarka and Sanjay Murarka were “directors and shareholders in a company called Billipack Limited that was incorporated in the British Virgin Islands,”, it said.

The Murarkas were the “beneficiaries in the bank account of Billipack Limited maintained with HSBC, Switzerland. The investigation found that the Murarka family was holding assets in the form of foreign exchange in various accounts with HSBC, Switzerland, in their name and in the name of Billipack Limited in contravention of FEMA”.

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