Multi-Agency Group on Panama Papers Leak to Probe Paradise Papers

The multi-agency group, constituted in 2016 to investigate the legality of money stashed offshore by Indians named in the Panama Papers, will probe the Paradise Papers as well

(Photo: iStock/Altered by The Quint)

A multi-agency group (MAG) probing the Panama Papers leak will look into the 'Paradise Papers' on financial holdings in offshore accounts that list 714 Indian individuals and entities, official sources said on Monday, 6 November.

Sources said the multi-agency group, constituted in April last year to investigate the legality of money stashed in offshore entities by Indians named in the Panama Papers, would probe the latest disclosure made by the International Consortium of Investigative Journalists (ICIJ).

The MAG comprises officials from the Central Board of Direct Taxes (CBDT), the Income Tax Department, the Enforcement Directorate (ED), the Financial Intelligence Unit, and the RBI, among a few others.

Also Read: Paradise Papers: Amitabh, Jayant Sinha, Mallya Among Those Named

The panel will first "go through" the details of income tax returns filed by the 714 Indian individuals and entities named in the 'Paradise Papers', and subsequently take action in a case-to-case basis, the sources said.

"Obviously, notices will be issued once complicity of an individual or entity is established," a senior official said.

The leaked documents from Bermuda-based global offshore law firm Appleby and Singapore-based Asiaciti, published by the ICIJ, revealed offshore investments by the high and mighty across the world.

The investments appear among a leak of 13.4 million files from the two firms and company registries of 19 tax havens.

The vast leak of financial papers has details on 180 countries. India ranks 19th in terms of the number of names.

The mention of names on the list does not mean that such entities have indulged in stash funds or have generated black money without paying due taxes.

Also Read: Paradise Papers: Data Leak Reveals 19 Global Secret Tax Havens

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