BVI companies allegedly involved in forex schemes

Close relative of ex-Punjab chief minister was asked to appear before the Enforcement Directorate and bring personal financial documents, in connection with probe against him for alleged forex contraventions and failure to pay taxes for foreign assets. He should explain the alleged movement of funds to Switzerland, and creating a trust and subsidiary companies in the British Virgin Islands.

Previously, this case had been investigated by the Income Tax Department, and there was a court hearing in Punjab. The next hearing of the case will take place on July 26. The case was initiated when the Income Tax Department got information about him allegedly holding offshore account in Switzerland. An investigation was started, gathering necessary documents from a competent court in Punjab and RBI, suspecting “contravention of the Foreign Exchange Management Act (FEMA)”.

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