Panama Papers: 415 Indians under scanner as probe widens

As part of the probe, the Income Tax (Investigation) wing has so far conducted searches at the premises of nine persons named in the data and carried out surveys in the case of another 14.

Written by Ritu Sarin | New Delhi | Published:November 15, 2016 4:03 am
panama papers, british virgin islands, taxpayer, central board of direct taxes , panama leak, mossack fonseca, offshore accounts, income tax department, indians offshore accounts, exchange of information, india-bvi tax information exchange agreement, tiea,india news The number of references sent via the Foreign Tax and Tax Research (FTTR) division of the Ministry of Finance stood at 91 in July and the number of Indians under scrutiny then was 297.

Seven months after The Indian Express published the Panama Papers, the probe into alleged tax violations by Indians named in the global expose has become the largest offshore inquiry initiated in the country. So far, 415 Indians are under scrutiny as part of the Panama Papers probe.

New Delhi has already sent 198 references to 13 jurisdictions which house offshore entities owned by Indians named in the Panama Papers. These include the British Virgin Islands (BVI), Bahamas, Luxembourg, Jersey, Seychelles, Switzerland and Cyprus — it has been done under provisions of tax treaties signed with these countries.

The number of references sent via the Foreign Tax and Tax Research (FTTR) division of the Ministry of Finance stood at 91 in July and the number of Indians under scrutiny then was 297.

Watch What Else Is making News

The largest number of references have been sent by Income Tax (Investigation) units in New Delhi, Mumbai and Hyderabad.

The Special Taskforce, constituted by the government immediately after publication of the Panama Papers in April, is learnt to have informed the Special Investigation Team (SIT) on black money that the FTTR references sent to the BVI for details of offshore entities of Indians set up by Panamanian law firm Mossack Fonseca is the highest by any country — almost half the 210,000 offshore entities listed in the Panama Papers data were incorporated in the BVI.

The Panama Papers was the largest collaborative investigative project jointly published by the International Consortium of Investigative Journalists (ICIJ) and Suddeutsche Zeitung and over 100 media organisations. The leaked data contains 11.5 million documents with details of offshore entities set up by Mossack Fonseca over 40 years, including details of entities set up by over 500 Indian nationals.

While The Indian Express confirmed the identities and addresses of around 300 Indians, the ICIJ subsequently released structured data of all 210,000 offshore entities but only put out details like the name of the entity, names of beneficial owners and so on.

Members of the multi-agency taskforce, headed by the Central Board of Direct Taxes (CBDT), have informed the government that of the 415 Indians — 71 are NRIs — under their scanner in the Panama Papers case, 184 have admitted that they incorporated the offshore entities listed against their names. Of the 415, 70 have been shown by CBDT as “not traceable”.

As part of the probe, the Income Tax (Investigation) wing has so far conducted searches at the premises of nine persons named in the data and carried out surveys in the case of another 14.

For all the latest India News, download Indian Express App now

  1. J
    Jai hind
    Feb 21, 2017 at 6:46 am
    Just an eye wash ... this will be on the lime lite for few days ..and will doz off again as it was before zzzzzzzzzzzzzzzzzzzzzzzzzz election gymmic
    Reply
    1. J
      Jai hind
      Feb 21, 2017 at 6:52 am
      truth is that he was a chaiwala... when Pm himself says he is fakeer chaiwala. y you bakths back is burnt LOL .............lt;br/gt;by the by give Modi didnt give u any hope for abusing here for last few days since he was on his reverse gear after spitting out some foolish statements in his rally s ... so u look like compensating those days here now .LOL
      Reply
      1. J
        Jai hind
        Feb 21, 2017 at 6:49 am
        u are paid little more than the above one ...60paisa ?
        Reply
        1. J
          Jai hind
          Feb 21, 2017 at 6:48 am
          u proved to be a follower of chai wala ..50 paisa paid bakth
          Reply
          1. B
            Blah.blah
            Nov 15, 2016 at 12:23 am
            But Aishwarya Rai cannot be touched by these probes.lt;br/gt;lt;br/gt;Why?lt;br/gt;lt;br/gt;Because she is the DEAL BREAKER IN THE RAFAEL DEAL. lt;br/gt;lt;br/gt;All through history it has been well known that there is a particular cl that is WORLD's OLDEST PROFESSIONALS. And true to that those s used Aishwarya Rai to meet Francois Hollande. And like magic, she struck the deal and saved Indians 4 billions.lt;br/gt;lt;br/gt;So do you think any power in the world, leave alone the probing agencies, can lay its hands on Aishwarya Rai? No chance!
            Reply
            1. T
              Tinku
              Nov 15, 2016 at 3:37 am
              A fool(rahul baba) is a better than a kamina..So people must remove this uneducated chaiwala in 2019.
              Reply
              1. A
                Ashwin MP
                Nov 15, 2016 at 4:42 am
                So Pappu is educated? Does he even know what he is talking all the times??
                Reply
                1. S
                  SK
                  Nov 15, 2016 at 3:32 am
                  Have you head on your shoulders, don't be stupid..
                  Reply
                  1. B
                    Black Angrez
                    Nov 15, 2016 at 6:20 am
                    Abey Bosedk, wo tere baap jaisa hai,
                    Reply
                    1. K
                      Kaliyug
                      Nov 15, 2016 at 3:10 pm
                      I wonder how much money is stashed in Italy and the Vatican from India?
                      Reply
                      1. H
                        harun
                        Nov 15, 2016 at 5:47 pm
                        Nothing will happen to those named.lt;br/gt;lt;br/gt;Modi has succeeded in dividing the Nation between ried and Business cl.lt;br/gt;lt;br/gt;The ried who Pay their taxes are happy to see these Businessmen who Enjoy New Cars and Luxuries brought down to Earth.lt;br/gt;lt;br/gt;But how many Netas who themselves have filed growth in their ets within 5 years,without any tangible source of income been Jailed.
                        Reply
                        1. W
                          Warner Rex
                          Nov 15, 2016 at 4:24 am
                          Feeling the pinch. Don't you?
                          Reply
                          1. M
                            mumbikar
                            Nov 15, 2016 at 12:53 am
                            Where are the names ? The real big fish ?
                            Reply
                            1. M
                              Mayur Panghaal
                              Nov 15, 2016 at 3:31 am
                              Wht abt ajay devgan ?lt;br/gt;There are rumors that he is joining bjp ?lt;br/gt;Then there is amitabh bacchan,aishearya rai,kp singh,burmanslt;br/gt;Hsbc list has ambani family and smita thackeraylt;br/gt;Aur bolo
                              Reply
                              1. S
                                shailesh mody
                                Nov 15, 2016 at 8:20 pm
                                No wonder fools like you don't realise calibre and competence. At least you are a smart fool to realise that rahul is a fool
                                Reply
                                1. R
                                  Razi
                                  Nov 15, 2016 at 1:15 pm
                                  Do you think till now they are keeping the money in same names and same banks, my friend 7 months is a very long time the money is gone on other names, who were Indians before but not now, they have foreign nationality and so on.
                                  Reply
                                  1. R
                                    religion police
                                    Nov 15, 2016 at 12:45 am
                                    You say it as if you held the torch and laid the blanket. People like you are the disgrace for the humanity.
                                    Reply
                                    1. V
                                      Vihari Naidu
                                      Nov 15, 2016 at 2:00 am
                                      How much did Aish pay you ? ;)
                                      Reply
                                      1. V
                                        Vihari Naidu
                                        Nov 15, 2016 at 2:01 am
                                        Just remember those actors who were mentioned in those leaks and support Bjp....lt;br/gt;lt;br/gt;Cough cough Aishlt;br/gt;Cough cough Shivaay
                                        Reply
                                        1. r
                                          rene10050
                                          Nov 15, 2016 at 8:33 am
                                          All these 415 Indians must be named and if they have nothing to hide there is no problem . 7 months investigation is a very long time . The investigations must be completed without exception and all those guilty must be jailed
                                          Reply
                                          1. S
                                            Sajal Chakraborty
                                            Nov 16, 2016 at 3:22 pm
                                            I am optimistic.
                                            Reply
                                            1. Load More Comments