In what was an unprecedented development recently, the names of several Indian celebrities, businessmen and politicians surfaced in a financial documents leak titled Pandora Papers.
No less than 300 Indians have been on the list of the world’s elite who have been denounced for protecting their wealth through obscure financial transactions and using offshore tax havens to conceal assets worth millions.
The treasure of approximately 11.9 million classified files was acquired by a global network of journalists and publishing companies known as the International Consortium of Investigative Journalists (ICIJ). As many as 600 journalists from 150 news agencies examined the documents over two years to draw conclusions.
ICIJ and its partner in India. According to the Indian Express, prominent Indian names like Sachin Tendulkar, Anil Ambani, Nirav Modi and the husband of Kiran Mazumdar Shaw, promoter of Biocon.
Documents show that Sachin Tendulkar, along with members of his family, owned an overseas institution on the British Virgin Island which was dissolved in 2016 following the leak of a similar set of documents named Panama Papers. .
However, the representative of the Indian cricket legend said the transactions were fully in accordance with the law and were also reported to income tax officials, according to reports.
Anil Ambani, who recently filed for bankruptcy with the UK court, is also mentioned in the documents with regard to offshore entities.
Anil Ambani’s legal representative, however, told the newspaper that his client had followed all essential procedures and made statements to the officials concerned.
Further, the Indian Express revealed that a month before Nirav Modi fled India in 2018, his sister Purvi Modi set up a business in the British Virgin Island to act as a corporate protector of a trust created through Singapore-based Trident Trust Company.
Purvi Modi’s legal representative, however, dismissed all allegations of wrongdoing, the newspaper reported.
The document also named the husband of Biocon promoter, Kiran Mazumder Shaw, who had created a trust with the keys of a person banned by Sebi for insider trading.
However, the Biocon promoter denied the documents and said her husband’s offshore trust was genuine and legitimate.
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