The cases pertaining to the “Pandora Papers” leaks will be investigated, an official spokesperson for the Central Board of Direct Taxes (CBDT), Government of India, said on Monday.
The investigation will be monitored by a multi-agency group headed by the CBDT chairman. It will also have representatives from CBDT, Enforcement Directorate (ED), Reserve Bank of India (RBI), and the Financial Intelligence Unit, the official spokesman of the tax authority said.
“The relevant investigative agencies would undertake investigation in these cases and appropriate action would be taken in such cases as per law,” the Ministry of Finance said. The government will also proactively engage with foreign jurisdictions for obtaining information with respect to relevant taxpayers/entities.
“Pandora Papers”, an investigation by the International Consortium of Investigative Journalists (ICIJ), which includes 150 media outlets, claims to have revealed financial secrets of the “rich, the famous and the notorious” from 91 countries.
At least 380 Indians have been named in the Pandora Papers. These individuals include Anil Ambani, Sachin Tendulkar, and Kiran Mazumdar Shaw among others. Sixty of these prominent individuals and companies have been verified and have had their documents corroborated. The documents reveal that Sachin Tendulkar, his wife Anjali Tendulkar and father-in-law Anand Mehta were the beneficial owners of a British Virgin Islands-based company that was liquidated in 2016, just three months after the Panama Papers expose.
The leak also discloses that Anil Ambani has a web of offshore firms, worth $1.3-billion. In 2020, Anil Ambani had told a London court that his net worth was zero following a dispute with three Chinese state-controlled banks.
The husband of Biocon promoter Kiran Mazumdar Shaw, John Shaw, has also been named in the leak. It is reported that he set up a trust whose in-charge is a person who was banned by SEBI for insider trading.
Additionally, the sister of fugitive Nirav Modi, Purvi Modi, has also been featured. She is reported to have set up an offshore trust just a month before the diamantaire fled India.
The leak discloses the names of 330 politicians from 90 countries who used secret offshore companies to hide their wealth. These politicians include —Russian President, the King of Jordan, Azerbaijan’s leading family, Czech Prime Minister, Kenyan President and former British Prime Minister Tony Blair.
The documents name 700 Pakistani individuals and members of Prime Minister Imran Khan’s cabinet, inner circle, including cabinet ministers, their families, who have secretly owned an array of companies holding millions of dollars of hidden wealth. Among those whose holdings have been exposed are Khan’s finance minister, Shaukat Fayaz Ahmed Tarin, and his family, and the son of Khan’s former adviser for finance and revenue, Waqar Masood Khan. The records also reveal the offshore dealings of a top PTI donor, Arif Naqvi, who is facing fraud charges in the US.