The government has revealed names of 3 persons to the Supreme Court who allegedly have black money stashed in Swiss banks. According to the affidavit submitted by the government to the apex court, the three businessmen are being probed under the Income Tax Act and Prevention of Money Laundering Act. The government is said to have a list of 138 names but has told the court that it cannot reveal the other names unless “they are prosecuted in a court of law”. Here's a brief profile of the 3 names that have cropped up so far in the black money saga.
Radha Timblo
Radha Timblo has been in the eye of the storm for a very long time. Her name has cropped up in the case of illegal ore mining in Goa. According to a Business Standard article, she belongs to the famous Timblo family of Goa, which also runs the Cicade de Goa hotel. She is a minority partner in M/s Badruddin HussainBhai Mavani, the other partner being M/s Timblo Pvt Ltd with a 95% stake. But the firm doesn't have a smooth past. According to media reports, the Central Empowered Committee (CEC) report on illegal Goa mining, noted that “the mining lease was granted in the name of an individual who had migrated to Pakistan and died there. He was never involved in operating the mining lease or seeking renewal of it. Instead, the lease was allowed to be “operated illegally by a partnership firm comprising Timblo Pvt Ltd, Ms Radha S Timblo and others. The mining lease has been renewed by the Goa government in favour of the partnership firm owned and controlled by the Timblo family by disregarding and in blatant violation of Rule 37 of Mineral Concession Rules, 1960."
A judicial commission headed by former Supreme Court Judge M.B. Shah probing Goa's mammoth illegal mining scam named the firm for illegal mining practices. Shah now heads the Special Investigating Team formed by Modi government on black money. So Radha Timblo's presence in this shortlist of names probably isn't merely a coincidence. Radha Timblo has reacted in a cautious manner and has said that she needs to see the affidavit first.
Pradip Burman
Pradip Burman is the scion of one of the most reputed business families of India. They run the noted Dabur Brand of FMCG products. A MIT graduate, Burman joined his family business early. He held several illustrious positions within the company and also set up new businesses as part of the diversification process.
From 1995-2012, Burman served as a director in Dabur India. Currently, he is in charge of a non-profit organization called Sundesh that works for the education of rural children. As of 30 September 2014, Pradip Burman holds Rs 3.94 lakh shares of Dabur India, according to media reports.
Meanwhile, the company has said that the account was opened when Pradip was an NRI and was operated in a legal manner.
Pankaj Lodhiya
Pankaj Chimanlal Lodhiya is the proprietor of Shreeji Trading Company, a bullion trading company based out of Rajkot, Gujarat. He is also chairman of the Shreeji Group of companies which has three main businesses including bullion trading. It's a prosperous group with growing footprints in the realty sector in the city. The jewellery arm sells diamond, gold and silver ornaments under the 'Tatva' brand, according to the Business Standard report. But bullion business is the main pillar of the group, which they have been involved in for the last 15 years. In bullion trading, it has branches in Ahmedabad, New Delhi, Jaipur, Raipur, Indore and Bangalore. It also has plans to expand in south India, mostly in Kerala. In 2008, the company started an online trading system called 'Shreeji SPOT'.
Pankaj has firmly denied the allegation of holding a Swiss bank account.
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