Panama Papers: IT Department Cracks Down on Three Delhi Residents

The IT dept surveyed the businesses of 3 Delhi residents who incorporated offshore companies through Mossack Fonseca

Mossack Fonseca law firm sign is pictured in Panama City, 4 April 2016. (Photo: Reuters)

Following the Panama Papers exposé, the Income Tax department conducted surveys on Tuesday into the business establishments of three Delhi residents who incorporated offshore companies through Mossack Fonseca.

The people chosen for the first set of surveys denied any association with the companies listed against their names.

The searches began around noon on Tuesday and were on until late in the night. Senior officials confirmed to The Indian Express that documents, desktops and laptops were seized.

A PR professional who has started a hospital; an entrepreneur couple who traded in iron ore and a businessman who runs a service providing company for multinationals were surveyed.

The first two allegedly opened offshore companies in the British Virgin Islands, the third set up a company in the United Arab Emirates.

The Income Tax department had sent queries to all individuals named in the Panama Papers.

Until now, over 160 individuals named in the Panama Papers probe have been identified for scrutiny.