An offshore family trust owned by Rohan Timblo, son of Goa-based miner Radha Timblo, has come under the scanner of the Inland Revenue Authority of Singapore (IRAS), the Pandora Papers revealed. Besides the trust, its three underlying companies, and transactions with two Bulgarian citizens are also under investigation.
The Indian Express report on the ICJ Investigations revealed that the IRAS asked for details of Timblo’s Colares Trust in Singapore and its three underlying firms—Calheta Holdings Ltd in Samoa, Cazar Finance SA in the British Virgin Islands and Panama-based Corylus Assets Inc.
Records show the inquiry by the IRAS was preceded by two suspicious transaction reports (STRs) by Asiaciti. “While carrying out due diligence prior to executing the loan transaction for Dextera, the organization (Asiaciti) discovered that the subject (Rohan) was recently implicated in a mining scandal involving Timblo Private Limited, an enterprise owned by his mother Radha Timblo and where the subject is named as one of the directors together with his brother Chetan Timblo,” the first STR stated.
“Chetan Timblo has since been questioned with regards to the Indian black money case involving tax evasion and fraud in India. In a government affidavit filed in the black money case with the courts, the subject is also alleged to hold an illegal bank account abroad, but no further details are available at this time,” it stated.
In October 2014, the Indian government informed the Supreme Court that it has initiated prosecution against the Timblo family including Radha Timblo, Chetan Timblo, Rohan and Mallika Timblo for allegedly stashing black money abroad. At that time, Radha Timblo denied wrongdoing. The government action was based on the findings of an Income Tax Department probe into Timblo Pvt Ltd and its managing director Radha Timblo that began in 2010.
The tax authority alleged that Radha Timblo declared the existence of two foreign bank accounts at Wing Hang Bank Ltd and Bank of Communication, Hong Kong, during a tax survey on the mining company in 2010. Subsequently, the tax department alleged that Timblo Pvt Ltd had under-invoiced iron ore exports to a Japanese firm and diverted the additional sale proceeds to these two bank accounts.