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Paradise papers – confidential financial data leaked

Paradise papers – confidential financial data leaked

Paradise papers comprise details regarding the business dealings of the world’s most powerful companies as well as individuals in offshore tax havens. More than about 700 India names are included in these paradise papers. Names of politicians, celebrities as well as corporate are there in these documents.

Amongst the 180 countries signified in data India positioned at 19th with 714 names included in it. In it Nand Lal Khemka, Sun Group founder is the second largest client of Appleby with 118 offshore entities. According to ICIJ Paradise papers display the names of much popular as well as influential people and companies.

What are Paradise papers exactly?

Paradise papers are a detail investigation by journalists of financial data which is leaked from two law firms. In this process, more than 380 journalists spent about a year for compiling data of nearly seventy years. And this compiled details leaked about 13.4 million files on Sunday which disclose the artificial ways that high corporations can direct legal loopholes to avoid taxes and safeguard their funds. This leak also reveals that in what way social media giants Facebook and Twitter get millions in investments and which can be traced back to Russia state financial association with aggressive tax evasion by MNCs like Apple, Nike and much more.

Paradise papers includes many Indian names

Paradise papers – confidential financial data leaked

Paradise papers – confidential financial data leaked

Several names of many famous Indian personalities in the papers include Bollywood superstar Amitabh Bachchan, businessman Vijay Mallya, Niira Radia, corporate lobbyist, Sanjay Dutt’s wife Dilnashin, Rajya Sabha MP R.K. Sinha, union minister Jayant Sinha. Many names leaked in the papers also include those who were linked with many Essar Loop 2G case, Sun TV Aircel Maxis case, SNC Lavalin where in Kerala CM Pinarayi Vijayan was named. It also includes persons linked with Rajasthan ambulance scam with a person named Ziquista Healthcare along with Congress leader Sachin Pilot and ex-minister P.Chidambaram’s son Karti. Beside all above many donors and cabinet members of President Donald Trump was also in the list amounting secretary Wilbur Ross.

ICIJ alleged that paradise papers reveal offshore activities of more than 120 world leaders as well as politicians counting Queen Elizabeth II. Her private estate invested in some way in rent to own Loan Company blamed of greedy tactics. It further added that the leaked data from Appleby count details regarding tax planning by about 100 multinational corporations counting Nike, Uber and Apple too. Many political names in the list comprise Shaukat Aziz Pakistan PM from 2004 to 2007 and also served five years as countries finance minister.

These files in paradise papers also include the data regarding the holders of yachts as well as jets comprising sports stars, employed Isle of Man tax avoidance structures. It also discloses tax havens shopping bender by MNCs in Asia and Africa.

Response of many people after the Paradise papers leak

Paradise papers – confidential financial data leaked

Paradise papers – confidential financial data leaked

In the tweets, Mr Sinha denied the wrongdoings from his part. Along with Amitabh Bachchan who wrote a blog before the info of paradise papers.  Explaining that he forever shared with the system as he has not referred the leak directly.

MP RK Sinha, on the other hand, refused to verbalise concerning this matter. As he was on the maun vrat that is quiet vow for a week. He revealed this by writing on a paper appearing that he had taken the oath to be quiet for a week.  Because of Bhagwat Yagna. In the meantime, Jayant shielded himself by way of tweets. Also, Congress claimed that non-disclosure of foreign assets accounted to an electoral offence. And in addition to it also demanded his resignation in excess of the conflict of interest charges.

Mr Jayant alleged that transactions mentioned in the reports were fully disclosed to the authorities . And as it has been made in his official capacity and not the personal one.

Multi-agency Group will probe this matter

MAG, i.e. the Multi-agency group which was set up last year to investigate the Panama papers. They will also investigate the issue of paradise papers. This is revelled according to the wordings of CBDT that is Central Board of Direct taxes. It is also alleged that governed has given the authority concerning these paradise papers to MAG. MAG is headed by CBDT chairman, along with many other representatives from CBDT . Also along with Enforcement Directorate and Reserve bank of India and FIU.

The panel will primarily go through all income tax return details of these 714 Indian individuals . And persons listed in   Paradise papers and will accordingly take actions. Also, SEBI will gaze on the fund diversion along with corporate governance lapses at numerous firms.

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