An international coalition of media outlets on Sunday published what it said is an extensive investigation into the offshore financial dealings of the rich and famous, based on a vast trove of documents provided by an anonymous source. Several high profile Indian names are listed as well.
The International Consortium of Investigative Journalism, a non-profit organisation based in Washington, said the cache of 11.5 million records features over 500 Indians linked to offshore firms. A team from The Indian Express undertook an 8-month long investigation into the data leak.
Also Read: The What’s What and Who’s Who of the Panama Papers Leak
Around 140 political figures from over 50 countries – including 12
current or former heads of state – are part of this probe.
Although the media investigation into the data leak pointed out that many of the transactions may not technically be illegal, but they aren’t politically ethical either. The transactions were also facilitated by Panama’s tardiness in fully applying international transparency rules.
The Indian Names
The offshore entities were set up through Mossack Fonseca, a law firm based in tax haven Panama. These entities were floated at a time when they weren’t permitted by the RBI laws.
- Amitabh Bachchan, Bollywood actor
- Aishwarya Rai, Bollywood actor
- KP Singh, owner of DLF
- Vinod Adani, Gautam Adani’s elder brother
- Shishir Bajoria, promoter of SK Bajoria Group
- Anurag Kejriwal, former chief of the Delhi unit of Loksatta Party
- Iqbal Mirchi, late Mumbai ganglord
Aishwarya Rai’s team has, however, denied the charges as “untrue”, according to NewsX. KP Singh has clarified that it is permissible under RBI laws.
Panama Government Vows to Cooperate
Despite foreign pressure, Panama dragged its feet when it came to exchanging financial information with other countries and lifting its banking secrecy. However, after the leak, Panama’s government has vowed to “vigorously cooperate” with any legal probe that might be launched in the wake of the Panama Papers data leak.
Law Firm Head Denies Any Wrongdoing
According to reports, leaked records showed individuals who “have paid the firm — and bought the benefits of the secretive, lax regulatory system in which it operates — to set up offshore entities in tax havens around the world.”
The head of the law firm denied any wrongdoing, and said his firm has fallen victim to “an international campaign against privacy”.
Ramon Fonseca, the director of Panama-based law firm Mossack Fonseca, who specialises in setting up offshore companies, said in a telephone interview with Reuters that his firm had suffered a successful but “limited” hack.
Fonseca, the firm’s co-founder and until March a senior government official in Panama, said his firm has formed more than 240,000 companies, adding that the “vast majority” have been used for “legitimate purposes.”
(With agency inputs.)
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