Panama Papers is an investigation by ICIJ, involving more than 100 media organisations including The Indian Express, into leaked data of offshore entities set up for clients by the Panamanian law firm Mossack Fonseca.
The Indian Express has with it copies of some of Khan’s alleged logbooks, transcripts of several of the intercepted conversations as well as purported emails exchanged between Albasit Khan, his son Umair Khan and Suren Uppal.
India had sent its representative, a director-level officer of the Central Board of Direct Taxes (CBDT) for the Paris meeting held on April 13, which was attended by tax officials from 25 countries exclusively on the impact of the Panama Papers.
Officials said that the communications have already been dispatched to around 50 people in different cities and that these are in two parts. One query asks for confirmation of identity, second seeks details on firm, capital and permissions.
Mossack Fonseca was mentioned as the incorporator in the I-T background note as the Department sought permission of Central Board of Direct Taxes bosses to tap the phones of corporate lobbyist Niira Radia in 2008.
The assets of FCCF are listed as the balance in a bank account and 100% of the shares of an offshore Panamanian Corporation bought in 2007 named Opler Company Consulting Corp with a bank account in the Wintherbotham Merchant Bank of Bahamas.
An investigation of these papers shows the existence of one offshore entity owned by Radia, an International Business Company (IBC) registered in the British Virgin Islands (BVI) by Mossack Fonseka in 1994 named Crownmart International Group Limited.
Biggest leak of over 11 million documents of Panama law firm features over 500 Indians linked to offshore firms, finds 8-month investigation by a team of The Indian Express led by Ritu Sarin, Executive Editor (News & Investigations).
The Indian Express accessed MF documents which show that Rai, her father Kotedadi Ramana Rai Krishna Rai, mother Vrinda Krishna Raj Rai and brother Aditya Rai were appointed on May 14, 2005, as directors of Amic Partners Limited — with an initial authorised capital of $50,000.