Multi-Agency Group Submits Three Reports on Panama Papers

The agency was formed in April to investigate persons whose names have appeared in the Panama paper leaks.

The government formed MAG in April following the Panama Papers row. ((Photo: The Quint/iStockphoto)

The multi-agency group (MAG) constituted to probe the Panama papers, has submitted three reports to the government, according to Revenue Department document.

The agency previously named around 500 Indians who have allegedly stashed money in offshore entities.

The Central Board of Direct Taxes (CBDT) has also been updating the Special Investigation Team (SIT) set up under the directions of the Supreme Court to monitor cases related to black money.

The government had formed the MAG in April following the Panama Papers row. The agency, comprising officials from the RBI, IT department, Financial Intelligence Unit and Foreign Tax and Tax Research, has been investigating whether the money deposited in tax haven Panama are legal or not.

The purpose of constituting the MAG is to ensure speedy and coordinated investigation in the cases of persons whose names have appeared in the Panama paper leaks. Investigations in such cases are being conducted by respective investigating agencies and the progress is being monitored by MAG.

Revenue Department Document

(With agency inputs.)