May 27, 2018, 11:01 pm IST
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Panama fallout

 Jun 16, 2017

The Enforcement Directorate has finally woken up to make the first action in the Panama Leaks case by seizing Rs. 7 crore from the premises of a leading jeweler in Delhi, the Mehras. During the investigations the ED had found that huge amounts of money had been sent out of the country by misusing the Reserve Bank’s Liberalized Remittance Scheme on the pretext of making investments abroad.
These amounts that were sent out have been given as interest-free loan by the persons in their individual capacity to two companies and then transferred to a company in the UAE which is owned by one of the members of the family.

The ED had also found that Rs. 10.60 crore belonging to the same family is still parked outside the country.

Simultaneously, the Pakistan Prime Minister Nawaz Sharif has been questioned by the Joint Investigating team of that country on the state of the financial transactions his family has made based on the Panama leaks. The Pakistan Supreme Court had set up a JIT and empowered it to summon Mr. Saharif, his sons or any other relatives to enquire into the allegations of money laundering.
Mr. Sharif has accused some ‘unseen elements’ of hatching a conspiracy against him and democracy which will ‘damage the image of the country and its democratic institutions.’

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