In response to the ‘Pandora Paper’ leaks, the government on Monday has directed investigations to be carried out against the names of all the Indian politicians, businessmen and celebrities whose secret wealth and illegal investments have been revealed among other global names.
The investigation will be monitored by a multi-agency group headed by the central board of direct taxes (CBDT) chairman. According to the official spokesperson of the tax authority, the group will also comprise representatives from CBDT, enforcement directorate, Reserve Bank of India (RBI) and Financial Intelligence Unit.
“The relevant investigative agencies would undertake investigation in these cases and appropriate action would be taken in such cases as per law,” the ministry of finance said.
The government will also proactively engage with foreign jurisdictions for obtaining information in respect of relevant taxpayers/entities.
Nearly 12 million documents throwing light on the secret, ‘ill-gotten’ wealth of the rich and famous, including Indians, were made public on Sunday as part of the ‘Pandora Papers’ probe. The names also include 330-odd politicians of more than 90 countries.
As many as 380 Indians are on the list of the global elite who have been exposed for ringfencing their wealth through shadowy financial transactions and using offshore tax havens to hide assets worth millions of dollars.
