Panama Papers – Leaked Set of 11.5 Million Confidential documents Every one of us has now become very familiar with Panama Papers. It is a massive leaked of 11.1 million confidential documents. It is revealing all about international corruption and tax evasion from the world’s political elite. The strongest reaction of Panama papers on the finance ministers of ‘Britain, France, Germany, Italy and Spain, they had also proposed a blacklist of havens like Panama if they do not share corporate registry data with others. While the use of offshore business entities is not illegal in the jurisdictions in which they are registered, during their investigation reporters found that some of the shell companies may have been used for illegal purposes, including fraud, drug trafficking, and tax evasion.
In India enquiry has been done about 500 Indians featuring in the Panama papers don’t appear to indicate a large scale doing a wrong work according to Reserve Bank of India (RBI) a government office. Big names from India in Panama list are Aishwarya Rai, Amitabh Bachchan, KP Singh, Iqbal Mirchi, Adani elder brother.
As actress Aishwarya Rai Bachchan has decided to maintain silence over her name coming in the Panama papers leaks for allegedly having links with offshore entities. The Panama papers are based on an investigation by the International Consortium of Investigative Journalists (ICIJ) and over 100 other news organizations around the world. A Panama paper is a global list revealing offshore links of over 500 Indians, including all the India’s megastar and industrialists. Our Finance Minister Arun Jaitley has said and warned that government agencies will go after those who are with illegal accounts.
So, these offshore accounts have long been associated with black money which is on Panama papers. As before the election of 2014, Bharatiya Janata Party had promised to crack down on black money and offshore accounts. Now, the Narendra Modi government set up a special investigation and a good team to investigate black money. The Panama Papers is the third successive collaborative project done by the ICIJ on offshore investments.
The news of Panama Papers is highlighting now a days, the first news reports based on the papers were published on 3rd April, 2016. The ICIJ (International Consortium of Investigative Journalists) has planned to publish a whole list of companies involved and their names in early of May 2016.