Govt to investigate Pandora Papers cases, says FinMin
The investigation will be conducted by a Multi Agency Group, headed by the CBDT Chairman JB Mohapatra along with representatives from CBDT, ED, RBI & FIU
- Oct 4, 2021,
- Updated Oct 4, 2021 10:49 PM IST
The central government announced on Monday evening that it will investigate cases associated with 'Pandora Papers' and would take appropriate action. The investigation will be conducted by a Multi Agency Group, headed by the CBDT Chairman JB Mohapatra along with representatives from CBDT, ED, RBI & FIU.
"The relevant investigative agencies would undertake investigation in these cases and appropriate action would be taken in such cases as per law," Finance Ministry said in an official statement.
The ministry said to ensure effective investigation in these cases, the central government will proactively engage with foreign jurisdictions for obtaining information in respect of relevant tax papers or entities. It said the Indian government is part of an 'Inter-Governmental Group' that ensures collaboration and experience sharing to effectively address tax risks associated with such leaks.
The finance ministry said so far, the names of only a few Indians, legal entities as well as individuals, have appeared in the media in relation to the Pandora Papers. The International Consortium of International Journalists (ICIJ) website is yet to release the names and other particulars of all the entities.
"The website of ICIJ suggests that information will be released in phases and structured data connected to the Pandora Papers investigation will be released only in the days to come on its Offshore Leaks Database," read the official statement.
On October 3, an investigation published by the ICJI shed light on a long list of state heads, industrialists, celebrities and sportspersons, who amassed millions in secret offshore assets.
The investigation is based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low or no-tax jurisdictions.
The Pandora Papers have named 300 Indian individuals. Among the names are Sachin Tendulkar, Anil Ambani, Nirav Modi and Kiran Mazumdar-Shaw.
Also read: Pandora Papers: 300 Indians, global leaders, celebrities, industrialists named
Also read: Pandora Papers: 700 Pakistanis named; key members of PM's inner circle included
The central government announced on Monday evening that it will investigate cases associated with 'Pandora Papers' and would take appropriate action. The investigation will be conducted by a Multi Agency Group, headed by the CBDT Chairman JB Mohapatra along with representatives from CBDT, ED, RBI & FIU.
"The relevant investigative agencies would undertake investigation in these cases and appropriate action would be taken in such cases as per law," Finance Ministry said in an official statement.
The ministry said to ensure effective investigation in these cases, the central government will proactively engage with foreign jurisdictions for obtaining information in respect of relevant tax papers or entities. It said the Indian government is part of an 'Inter-Governmental Group' that ensures collaboration and experience sharing to effectively address tax risks associated with such leaks.
The finance ministry said so far, the names of only a few Indians, legal entities as well as individuals, have appeared in the media in relation to the Pandora Papers. The International Consortium of International Journalists (ICIJ) website is yet to release the names and other particulars of all the entities.
"The website of ICIJ suggests that information will be released in phases and structured data connected to the Pandora Papers investigation will be released only in the days to come on its Offshore Leaks Database," read the official statement.
On October 3, an investigation published by the ICJI shed light on a long list of state heads, industrialists, celebrities and sportspersons, who amassed millions in secret offshore assets.
The investigation is based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low or no-tax jurisdictions.
The Pandora Papers have named 300 Indian individuals. Among the names are Sachin Tendulkar, Anil Ambani, Nirav Modi and Kiran Mazumdar-Shaw.
Also read: Pandora Papers: 300 Indians, global leaders, celebrities, industrialists named
Also read: Pandora Papers: 700 Pakistanis named; key members of PM's inner circle included