Pandora Papers: Over 300 Indians named in unprecedented leak of financial documents

In what was an unprecedented development recently, the names of several Indian celebrities politicials and businessmen have surfaced in a leak of financial documents titled Pandora Papers.

Not less than 300 Indians made it to the list of the global elite who have been exposed for ring-fencing their riches through murky financial transactions and making use of offshore tax havens to conceal assets worth millions.

The trove of just about 11.9 million classified files has been acquired by a global network of reporters and publication firms known as the International Consortium of Investigative Journalists (ICIJ). As many as 600 journalists from 150 news agencies examined the documents for two years to come up with a findings.

The ICIJ and its partner in India. According to the Indian Express, the names of prominent Indians like Sachin Tendulkar, Anil Ambani, Nirav Modi and Biocon promoter Kiran Mazumdar Shaw’s husband.

The documents exhibit that Sachin Tendulkar, along with members of his family, owned an overseas institution in the British Virgin Island that was disbanded in 2016 following the leak of a similar set of documents named Panama Papers.

However, the Indian cricketing legend’s representative stated that the dealings were totally within the law and also declared to the income tax officials,, as per reports.

Anil Ambani, who not long ago filed for bankruptcy in the UK court, is also mentioned in the documents with regards to off-shore entities.

Anil Ambani’s legal representative, however told the newspaper that his client had abided by all essential procedures and made declarations before the concerned officials.

Further, the Indian Express disclosed that a month before Nirav Modi fled India in 2018, his sister Purvi Modi set up a firm in the British Virgin Island to act as a corporate protector of a trust created via Trident Trust Company, based in Singpore.

Purvi Modi’s legal representative however dismissed all allegations of misdeed, the news paper reported.

The document also named the husband of Biocon promoter Kiran Mazumder Shaw, who had created a trustwith keys to a person who was banned by Sebi for insider trading.

However, the Biocon promoter, denied the documents and said that her husbands offshore trust is genuine and legitimate.

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