India ranks 19th out of the 180 countries covered under the leaked data in terms of the number of names involved
A fresh, vast leak of financial records, dubbed the Paradise Papers, has shined the light on how global corporate giants and hedge funds allegedly skirted taxes and the apparently hidden wealth of prominent Indians. This cache of 13.4 million documents follows over a year after the release of the Panama papers and includes names of Indians such as Amitabh Bachchan, MoS Civil Aviation Jayant Sinha, and Vijay Mallya, among others, reported Indian Express. The paper has not suggested any illegality associated with the leaked names.
India ranks 19th out of the 180 countries covered under the leaked data in terms of the number of names involved, reported the Indian Express on Monday. Further, according to the report, 714 Indians find mention in the papers.
The leaked data, obtained by German newspaper Süddeutsche Zeitung, as was the case with the Panama Papers, and investigated by the International Consortium of Investigative Journalists (ICIJ), originates from two firms – Bermuda's Appleby and Singapore's Asiaciti – as well as from 19 tax havens across the world.
In fact, the national daily highlights that an Indian company, the Nand Lal Khemka-founded Sun Group, was found to be Appleby’s second-largest client internationally with 118 separate offshore entities.
Involvement of Indian scam-tainted firms
The papers, according to the report, also reveal that Appleby's Indian clients included firms that are under the Central Bureau of Investigation (CBI) and the Enforcement Directorate's (ED) scanner in relation to various cases. Firms involved in the Sun-TV-Aircel-Maxis case, Essar-Loop 2G case, SNC-Lavalin Kerala hydroelectric scandal (which involved the now-acquitted Kerala Chief Minister Pinarayi Vijayan), and the Rajasthan ambulance scam under the CBI.....read more<<<<
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