NEW DELHI: The Goa- based mining company Timblo Private Limited, which has been in the news after the Centre disclosed the name of one of its promoters Radha Timblo in foreign accounts matter, is under the scanner of the Enforcement Directorate (ED) for alleged money laundering in the mining scam which was unearthed by M B Shah Commission.
According to sources, the Enforcement Directorate is probing the money laundering angle after registering a case on the recommendation of Shah Commission which had pointed out large-scale under invoicing committed by some companies.
The report had said, “Some companies are having their own front or associated companies registered outside India and they import the ore from their mother companies at low rate.
The Commission had asked the Enforcement Directorateand Income Tax to probe such cases under Foreign Exchange Management Act (FEMA).”
Besides Timblo Private Limited, over 60-65 mining companies in Goa are also being probed for alleged money laundering.
Express had on August 10 carried a report on the rampant under-invoicing of export consignments to the tune of over `600 crore as mentioned in the latest report of Shah Commission. It had stated that about 688 consignments of “Iron ore lumps” have been exported to various countries, including China and Japan during 2006-2011.
The inquiry report pointed out that at least 195 consignments were found to be under-invoiced of more than 30 per cent difference to the base value of iron ore.
Even 1,084 consignments of “iron ore fines” were found to be under-invoiced, out of total 2,352 exported during 2006 to 2011. The Commission recommended a probe under FEMA by the Enforcement Directorate to nab the culprits behind the racket.