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7
November 2017
 |
Paradise Papers (The Total Investment & Insurance
Solutions)
A
Multi-Agency Group (MAG) will investigate the Paradise Papers on offshore
financial holdings, including a list 714 Indian individuals and entities, the
government said on Monday. The Total Investment
& Insurance Solutions
The
government also said that it had so far zeroed in on 147 actionable cases and
279 non-actionable cases relating to the earlier published Panama Papers.
"The
government has directed that investigations in cases of Paradise Papers will be
monitored through a reconstituted Multi-Agency Group, headed by CBDT Chairman
and including representatives from the Central Board of Direct Taxes, ED
(Enforcement Directorate), RBI (Reserve Bank of India) and FIU (Financial
Intelligence Unit)," a Finance Ministry release said here.
According
to official sources here, the MAG would be a reconstitution of the committee
formed last April to investigate the Indians named in the Panama Papers who
were accused of stashing money in offshore entities to evade taxes.
The
Panama Papers disclosures too had been made by the International Consortium of
Investigative Journalists (ICIJ).
India
ranks 19th among 180 countries whose citizens and companies parked their wealth
in secretive tax havens abroad, according to a fresh global investigation whose
first lot of revelations were published on Monday.
There
are 714 Indians in the list, the Indian Express said in a front page banner
story done as part of a worldwide ICIJ probe.
In
a subsequent release on Monday, the government said the MAG on Panama Papers
has submitted seven reports.
The
Panama Papers contained brief particulars of 426 persons, "prima facie
Indians or persons of Indian origin".
"The
Income Tax Department conducted enquiries in all 426 cases through 395
references to 28 foreign jurisdictions. Based on the analysis of the
information obtained and investigations, the outcome so far indicates 147
actionable cases and 279 non-actionable cases." The Total Investment & Insurance Solutions
Of
the 147 actionable cases, "investigations have led to the detection of
undisclosed credits of about Rs 792 crore so far," the Ministry said.
"Searches
have been conducted in 35 cases and surveys done in 11 cases. In five cases,
criminal prosecution complaints have been filed. In seven cases notices have
been issued under the Black Money (Undisclosed Foreign Income and Assets) and
Imposition of Tax Act, 2015.
"Further
investigation in all the above cases is in progress," it added.
The
Paradise Papers revelations form a part of the largest-ever leak of financial
data involving two companies -- Bermuda's Appleby and Singapore's Asiaciti --
which helped the global rich and powerful, including from India, to move their
money abroad. The Total Investment & Insurance
Solutions
"Interestingly,
it is an Indian company, Sun Group, founded by Nand Lal Khemka, that figures as
Appleby's second largest client internationally, with as many as 118 different
offshore entities," the Indian Express said.
The
newspaper said on Monday that among Appleby's Indian clients were several
prominent corporates and companies which subsequently came under the scrutiny
of investigating agencies like the Central Bureau of Investigation (CBI) and
the ED. The Total Investment & Insurance
Solutions
These
include firms in the Sun-TV-Aircel-Maxis case; Essar-Loop 2G case; SNS-Lavalin
in which Kerala Chief Minister Pinarayi Vijayan was named and then cleared; the
Rajasthan ambulance scam recently routed to the CBI and which names a company
called Ziquista Healthcare (Sachin Pilot and Karti Chidambaram were early
honorary/independent Directors of the firms respectively); and fresh financial
links in a CBI case against YSR Congress chief Y.S. Jaganmohan Reddy. The Total Investment & Insurance Solutions
Union
Minister of State for Civil Aviation Jayant Sinha's name figures in the record
because of his past association with Omidyar Network. So does the name of R.K.
Sinha, Bharatiya Janata Party's Rajya Sabha member, in the Malta offshore
companies' list. Sinha and others have denied any wrongdoing in response to
Indian Express queries. Sinha also sent tweets on Monday saying full disclosure
had been made to the authorities.The Total
Investment & Insurance Solutions
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