CBDT to probe leaked financial documents listing over 700 Indians The multi-agency group (MAG) probing the Panama Papers leak will monitor the probe and take "swift action" on the 'Paradise Papers' on financial holdings abroad that list a number of Indian entities, the CBDT today said. Indians in Paradise Papers: Multi Agency Group on Panama Papers to probe leaked financial documents listing over 700 Indians
It said the government has directed that investigation in cases of Paradise Papers will be monitored by a re-constituted MAG, headed by the Chairman CBDT and having representatives from the CBDT, the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit (FIU). Indians in Paradise Papers: Multi Agency Group on Panama Papers to probe leaked financial documents listing over 700 Indians
Member of Parliament in Paradise Papers
Jayant Sinha's name has appeared in the Paradise papers. Sinha had worked with Omidyar Network as managing director in India and Omidyar Networkhad invested in a US company DLight Design that has a subsidiary in Cayman Islands, according to a report based on the Paradise Papers investigation. Paradise Papers: Over 700 Indians named in leaked tax haven list
Subhash Chandra Goel a family friend of the Indian Prime Minister Narendra Modi's name also appears in the Paradise Papers. Chandra is the non-executive director of Essel Group. Appleby in an internal investigation had concluded that Chandra had lied in his declaration, so they had decided not to sign off on his papers, the report reveals. (Indian express)
BJP Rajya Sabha MP and founder of Security and Intelligence Services (SIS) RK Sinha. (beepk.com) 'BJP Rajya Sabha MP Ravindra Kishore Sinha, whose name has cropped up in the Paradise Papers leak in connection with his firm's offshore links, on Monday chose to remain silent on the matter while informing that he is on 'maun vrat' (silence of vow) for a week. When asked for his reaction over the issue, Sinha refused to comment over the issue but scribbled on a paper that he has taken a pledge to not speak for a week till 'Bhagwat Yagna', showed the ANI video. Considered as one of the richest in Rajya Sabha, BJP MP from Bihar founded the private security service firm SIS (Security and Intelligence Services) and heads a group which has two offshore entities, disclosed the investigation carried out by the Indian Express of offshore finances with International Consortium of Investigation Journalists and Süddeutsche Zeitung, Munich.' (Named in Paradise Papers list, BJP MP RK Sinha goes on 'Maun vrat' for a week)
Sachin Pilot congress leader and former Union minister Sachin Pilot's name appeared in the documents over his alleged connection with the Rajasthan ambulance scam. Tt was found that a company registered by Appleby in tax haven Mauritius invested in an Indian firm that is at the centre of a probe by CBI and ED into what is called the Rajasthan Ambulance scam. (indiatvnews.com)
Sachin Pilot said that once the company changed its status from a "non-profit" venture to a "for-profit" venture, he resigned from it and did so before he became a Member of Parliament in 2004. He said: "For under a year I was a Honorary Director with the company. This was in 2001. When they informed me that they have become a for profit company I resigned. I have never held a share in it, held a board meeting or signed any papers."
Other prominent Indians
The Indian names include Bollywood star Amitabh Bachchan, defaulter businessman Vijay Mallya, corporate lobbyist Niira Radia, film star Sanjay Dutt's wife Dilnashin. Paradise Papers: Indian names tumble out for tax haven links
Investigations by the Indian express show that after he sold his United Spirits Limited India to the Diageo Group in 2013, the Diageo group approached a London based law firm, Linklaters LLP to undertake a massive restructuring to simplify the complex group structure created by the Mallyas. Paradise Papers: How 714 Indians Hid Wealth In Offshore Tax Haven, India Ranks 19th Among 180 Countries
The panel will first go through the details of income tax returns filed by the 714 Indian individuals and entities reportedly named in the Paradise Papers and subsequently take action, on a case-to-case basis, official sources added. Indians in Paradise Papers: Multi Agency Group on Panama Papers to probe leaked financial documents listing over 700 Indians
The wealth of data, known as the Paradise Papers, has revealed hitherto-unheard of information about offshore companies and a host of tax havens — numbering 19 — that have been enabling rich people, including Indians — to park their wealth to other countries. QBiz: 714 Indians in Paradise Papers; GST Council May Slash Rates
Reports by the Indian Express said that among the 180 countries represented in the data, called Paradise Papers, India ranks 19th in terms of the number of names. Paradise Papers: Over 700 Indians named in leaked tax haven list
Indian government response
The Indian government has not really taken much action even on the Panama Papers. So while it may continue to stay in the headlines for a while. The Indian administration taking any action is unlikely. The present NDA governments poll promise was to bring back black money that is stored in Swiss banks overseas. But India is yet to see a single dollar of that return.