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India acts quickly to investigate names in Paradise Papers
The Indian government is investigating cases involving over 700 Indian individuals and entities that appear in the so-called Paradise Papers, a cache of 13.4 million leaked documents detailing offshore financial dealings by some of the world's most powerful people and companies.
The files were obtained by German newspaper Suddeutsche Zeitung and investigated by the U.S.-based International Consortium of Investigative Journalists, of which The Indian Express newspaper is a member.
India had 714 names, the 19th greatest of the 180 countries represented in the data of offshore entities held by persons of various nationalities.
Having financial holdings abroad is not in itself illegal if the country's tax authorities and regulatory bodies have been duly informed. An investigation launched by the government will probe whether these offshore investments were legal or if they were for tax evasion.
The Paradise Papers include nearly 7 million loan agreements, financial statements, emails, trust deeds and other paper-work spanning nearly 50 years, leaked from the prestigious law firm Appleby, which has offices in Bermuda and elsewhere. It also includes files from the smaller, family-owned Asiaciti Trust in Singapore and company registries in 19 secretive jurisdictions.
The documents reveal the offshore interests and activities of over 120 politicians and world leaders including Queen Elizabeth II, as well as major donors and members of U.S. President Donald Trump's administration. They expose "the tax engineering of more than 100 multinational corporations, including Apple, Nike and Botox-maker Allergan," according to the key findings available on the ICIJ website.
"Every case will be considered based on its individual merit," Finance Minister Arun Jaitley said of the Indian names appearing in the Paradise Papers.
The probe process will be the similar to last year's Panama Papers, which included the names of over 400 Indians. The investigation will trace accounts that are illegal, and action will be taken against them, the minister said on Nov. 7.
"Some people say it was their legal [investment] with the permission of the Reserve Bank of India. So, all cases will be [treated] on an individual basis," Jaitley said, referring to India's central bank.
The investigation will look into those with "totally illegal accounts and [those] who have plausible defense," he said.
The Finance Ministry said on Nov. 6 that the investigation units of the Income Tax Department have been alerted to take note of revelations in the Paradise Papers for immediate appropriate action.
Many cases of offshore entities, it said, "are already under investigation on fast track. As soon as further information surfaces, swift action as per law will follow."
MINISTER ON LIST Among those that are named in the Paradise Papers are Junior Civil Aviation Minister Jayant Sinha, Bollywood actor Amitabh Bachchan, and defaulter businessman Vijay Mallya.
The Indian Express reported that Sinha worked with Omidyar Network as its India managing director before he was elected to parliament in 2014 and became a minister in the current government.
Omidyar Network -- established in 2004 by eBay founder Pierre Omidyar and his wife Pam to invest in and help innovative organizations -- invested in U.S. company D.light Design, which has a subsidiary in the Cayman Islands.
"Records of offshore legal firm Appleby show Sinha served as Director of D.light Design -- he did not mention this in his declaration to the Election Commission" when he contested the general election in 2014, the newspaper said.
The minister has clarified that these were "bona fide and legal" transactions, which "have been fully disclosed to relevant authorities through all necessary filings as required."
"After leaving Omidyar Network, I was asked to continue on the D.light Board as an Independent Director," Sinha said in a series of tweets.
After becoming a minister, he said, he immediately resigned from the D.light board and severed his involvement with the company. "It is crucial to note that these transactions were done for D.light as an Omidyar representative, and not for any personal purpose."
https://asia.nikkei.com/magazine/20...ickly-to-investigate-names-in-Paradise-Papers
The Indian government is investigating cases involving over 700 Indian individuals and entities that appear in the so-called Paradise Papers, a cache of 13.4 million leaked documents detailing offshore financial dealings by some of the world's most powerful people and companies.
The files were obtained by German newspaper Suddeutsche Zeitung and investigated by the U.S.-based International Consortium of Investigative Journalists, of which The Indian Express newspaper is a member.
India had 714 names, the 19th greatest of the 180 countries represented in the data of offshore entities held by persons of various nationalities.
Having financial holdings abroad is not in itself illegal if the country's tax authorities and regulatory bodies have been duly informed. An investigation launched by the government will probe whether these offshore investments were legal or if they were for tax evasion.
The Paradise Papers include nearly 7 million loan agreements, financial statements, emails, trust deeds and other paper-work spanning nearly 50 years, leaked from the prestigious law firm Appleby, which has offices in Bermuda and elsewhere. It also includes files from the smaller, family-owned Asiaciti Trust in Singapore and company registries in 19 secretive jurisdictions.
The documents reveal the offshore interests and activities of over 120 politicians and world leaders including Queen Elizabeth II, as well as major donors and members of U.S. President Donald Trump's administration. They expose "the tax engineering of more than 100 multinational corporations, including Apple, Nike and Botox-maker Allergan," according to the key findings available on the ICIJ website.
"Every case will be considered based on its individual merit," Finance Minister Arun Jaitley said of the Indian names appearing in the Paradise Papers.
The probe process will be the similar to last year's Panama Papers, which included the names of over 400 Indians. The investigation will trace accounts that are illegal, and action will be taken against them, the minister said on Nov. 7.
"Some people say it was their legal [investment] with the permission of the Reserve Bank of India. So, all cases will be [treated] on an individual basis," Jaitley said, referring to India's central bank.
The investigation will look into those with "totally illegal accounts and [those] who have plausible defense," he said.
The Finance Ministry said on Nov. 6 that the investigation units of the Income Tax Department have been alerted to take note of revelations in the Paradise Papers for immediate appropriate action.
Many cases of offshore entities, it said, "are already under investigation on fast track. As soon as further information surfaces, swift action as per law will follow."
MINISTER ON LIST Among those that are named in the Paradise Papers are Junior Civil Aviation Minister Jayant Sinha, Bollywood actor Amitabh Bachchan, and defaulter businessman Vijay Mallya.
The Indian Express reported that Sinha worked with Omidyar Network as its India managing director before he was elected to parliament in 2014 and became a minister in the current government.
Omidyar Network -- established in 2004 by eBay founder Pierre Omidyar and his wife Pam to invest in and help innovative organizations -- invested in U.S. company D.light Design, which has a subsidiary in the Cayman Islands.
"Records of offshore legal firm Appleby show Sinha served as Director of D.light Design -- he did not mention this in his declaration to the Election Commission" when he contested the general election in 2014, the newspaper said.
The minister has clarified that these were "bona fide and legal" transactions, which "have been fully disclosed to relevant authorities through all necessary filings as required."
"After leaving Omidyar Network, I was asked to continue on the D.light Board as an Independent Director," Sinha said in a series of tweets.
After becoming a minister, he said, he immediately resigned from the D.light board and severed his involvement with the company. "It is crucial to note that these transactions were done for D.light as an Omidyar representative, and not for any personal purpose."
https://asia.nikkei.com/magazine/20...ickly-to-investigate-names-in-Paradise-Papers
