A year after Panama Papers exposed 500 Indians which included Bollywood actor Amitabh Bachchan and Aishwarya Rai Bachchan to real-estate developer DLF's KP Singh, to politicians Anurag Kejriwal, just two days before the govt is gearing up to celebrate the anniversary of demonetisation as “Anti-Black Money Day” while Opposition will conduct protest, largest ever financial leak has been exposed by Paradise Papers, a set of 13.4 million leaked documents relating to offshore investment which includes secretive dealings of more than 120 politicians and leaders worldwide.
Paradise Papers revealed the information through German newspaper Süddeutsche Zeitung and shared with International Consortium of Investigative Journalists (ICIJ). It exposed two firms Bermuda’s Appleby and Singapore’s Asiaciti with 19 tax havens across the world which help the global rich and powerful, including from India, to move their money abroad.
Like Mossack Fonseca which was involved in Panama Papers, Appleby helps the elites in setting up offshore companies and bank accounts in foreign banks to evade taxation in homeland jurisdiction.
Where does India stand in this?
Of the list of 180 countries revealed in the financial leak, India ranks 19th in terms of the number of names and second among Appleby’s clients, says Indian Express. According to the report there are 714 Indians on the list and Appleby’s second-largest client internationally is an Indian company, Sun Group, founded by Nand Lal Khemka, with as many as 118 different overseas shell entities.
Most of Appleby’s Indian companies have come under the radar of Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).
From the list of leaked financial data, here is a list of Indian companies and individuals, as given by Indian Express.
- Sun Group, founded by Nand Lal Khemka, figures as Appleby’s second-largest client internationally, with as many as 118 different overseas shell entities.
- Firms in the Sun-TV-Aircel-Maxis case.
- Firms in the Essar-Loop 2G case.
- SNC-Lavalin case, in which Kerala Chief Minister Pinarayi Vijayan was accused but cleared.
- Fresh financial leads in a CBI case against YSR Congress Chief YS Jagan Mohan Reddy.
- Minister of State for Civil Aviation Jayant Sinha also features on the list due to his past association with the Omidyar Network.
- BJP Rajya Sabha MP due to his association with offshore accounts.
- Founder of Security and Intelligence Services (SIS) R K Sinha.
- Niira Radia, the corporate lobbyist, of Radia tapes fame.
- Sanjay Dutt’s wife Manyata who features under her former name Dilnashin.
- Diageo, the company that acquired Mallya’s United Spirits Limited India.
- GMR Group.
- Jindal Steel, Apollo Tyres, Havells, Hindujas, Emaar MGF, Videocon, the Hiranandani Group and D S Construction, among others.