Panama Papers expose hidden wealth of 500 Indians
More than 11 million tax documents from the secret files - labelled the Panama Papers - of a law firm with its headquarter in tax haven Panama has exposed a massive offshore financial delaings of high and mighty people worldwide, including Chinese President Xi Jinping, Pakistan Prime Minister Nawaz Sharif, footballer Lionel Messi and Jackie Chan.
About 500 Indians, including Bollywood stars Amitabh Bachchan, Aishwarya Rai Bachchan, industrialists like DLF owner KP Singh and Gautam Adani's elder brother Vinod Adani's names are allegedly included in the list.
According to The Indian Express report, a year-long probe by investigative journalists has revealed how world leaders use offshore accounts in tax havens to hide their wealth, evade taxes and launder money in spite of measures already in place which should be preventing these exact things.
Data worth 2.6 terabytes - 11 million encrypted internal documents - were leaked from Panamanian law firm Mossack Fonseca. These papers show how 128 politician across the world including 12 current and former state heads use secret offshore accounts.
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| Hidden between secret files and exposed as Panama Papers. |
The Mossack Fonseca documents were first leaked to German newspaper Suddeutsche Zeitung more than a year ago. International Consortium of Investigative Journalists (ICIJ), which coordinated the investigative effort involving 107 media organisations in 78 countries explains the revelations.
The documents show that banks, law firms and other offshore players have often failed to follow legal requirements that they make sure their clients are not involved in criminal enterprises, tax dodging or political corruption. In some instances, the files show, offshore middlemen have protected themselves and their clients by concealing suspect transactions or manipulating official records.
Twitter reactions
500 Indians named in #PanamaPapers as having offshore accounts.No wonder there is a phrase in Tamil - Kaasa? Panama.
— Ramesh Srivats (@rameshsrivats) April 4, 2016
Great investigation by IE/ICIJ team of those who hide funds in Tax Havens. Will PM who promised us 15L pursue this? https://t.co/ZIOXiZ7nLu
— Prashant Bhushan (@pbhushan1) April 4, 2016
Would people with legit funds hide them in secret companies reg in Tax Havens?Most must be illegal. Will be pursued?https://t.co/1QyErsshaa
— Prashant Bhushan (@pbhushan1) April 4, 2016
#panamapapers : Excellent ICIJ vid. explains human cost of offshore banking. https://t.co/yOAhVxbKp8
— Sreenivasan Jain (@SreenivasanJain) April 4, 2016
What was that about Amitabh Bachchan for President?
— Shivam Vij (@DilliDurAst) April 4, 2016
@DilliDurAst it was a "jumla' ....
— rasheed kidwai (@rasheedkidwai) April 4, 2016
Too much pressure on Modi ji. He is now accountable to the AAPtards for not only bringing back Swiss leak money but Panama leak money too! ??
— Keh Ke Peheno (@coolfunnytshirt) April 4, 2016
Further investigations will be needed to determine the nature of money generated by firms opened by Indians in tax haven Panama.
— M K Venu (@mkvenu1) April 4, 2016
Suprabhatam! Last night, it was dial C for Carlos; this morning, it is dial P for Panama! ??
— Rajdeep Sardesai (@sardesairajdeep) April 4, 2016