Multi-agency panel to probe revelations by Paradise Papers
“As soon as further information surfaces, swift action as per law will follow,” it said.
The multi-agency group is already investigating the “Panama Papers”, a trail of millions of secret files that leaked the names of individuals who paid law firm Mossack Fonseca to set up offshore firms in tax havens around the world.
More than 500 Indians figured on the list published last year, including Bollywood stars Aishwarya Rai Bachchan and Amitabh Bachchan as well as Indiabulls chairman Samir Gehlaut. Former Pakistan Prime Minister Nawaz Sharif was disqualified from office over allegations stemming from disclosures in the Panama Papers that said his family’s wealth was more than his known sources of income.
Setting up an offshore firm or account or transferring money back to the country is not illegal unless kept a secret from Indian authorities.
Among the Indians on the Paradise Papers are junior civil aviation minister Jayant Sinha, BJP Rajya Sabha MP RK Sinha and Amitabh Bachchan.
“All these transactions have been fully disclosed to relevant authorities through all necessary filings as required,” minister Sinha said in a series of tweets.
Asked for his reaction, BJP MP Sinha was seen in an ANI news agency video scribbling on a piece of paper in Hindi, “On a seven-day vow of silence for a bhagwat yagna.”
Bachchan was yet to speak on the matter, although in a blog published hours before the Paradise Papers were released he said he only seeks peace and freedom from prominence, and that he was ready to answer any questions.
India has a Special Investigation Team (SIT) to probe cases of black money. The SIT on black money comprises the top bosses of India’s federal and financial crime agencies and reports to the Supreme Court. Most of its members are part of the multi-agency group probing the Panama and Paradise papers.
Chandra said investigations into the Panama Papers had shown so far that tax had not been paid on a total amount of Rs 792 crore linked to various accounts. Another 147 cases were being probed while searches and surveys had been carried out in 46 cases and explanation sought from seven more under black money laws.
Several of Appleby’s prominent Indian clients named in the papers are already under investigation by agencies such as the Central Bureau of Investigation and Enforcement Directorate for alleged financial crimes.
India ranks 19 out of 180 countries in terms of number of names and accounts figuring in the Paradise Papers. Queen Elizabeth II, top members of US President Donald Trump’s cabinet and Russian president Vladimir Putin’s son are other prominent names in the Paradise documents.
Data from Appleby and Asiaciti was obtained by German newspaper Suddeutsche Zeitung, which shared it with the International Consortium of Investigative Journalists.