Panama Papers: Black money SIT to investigate people on the list

NEW DELHI: The Special Investigation Team (SIT) on black money today said it will investigate thoroughly the reported secret list of about 500 prominent Indians including actors, politicians and businessmen who have allegedly stashed money in offshore entities in tax haven Panama.

“Investigations are being carried out. We are going to investigate it (the list) thoroughly,” SIT Chairman Justice (retd) M B Shah told PTI.

Asked if the SIT had any information on these names, he said the panel got it today.

“No. We got the information just now,” he said.

The Vice Chairman of the panel, Justice (retd) Arijit Pasayat, said they have asked agencies like the Enforcement Directorate, IT Department and the Directorate of Revenue Intelligence to make an assessment of the list and prepare a report in this regard.

“We want to know what is the truth behind these. The SIT did not have these reports. Maybe, the investigative agencies had. So, once they submit a report to us then we can take the required action,” Pasayat said.

The list has been brought by the International Consortium of Investigative Journalists (ICIJ) in collaboration with news publications across the globe including India and pertains to offshore investments made by Indians between a period of 1977 and 2015.

The latest list, after similar ones came in the the past like ‘Swiss leaks’ and the HSBC-list related to Indians, claims it has sourced data in connection to millions of documents which show heads of state, criminals and celebrities using “secret hideaways” in tax haven country of Panama.

However, ICIJ adds a disclaimer that there are also “legitimate uses for offshore companies”.

“The Panama papers expose the internal operations of one of the world’s leading firms in incorporation of offshore entities, Panama-headquartered Mossack Fonseca.

The 2.6 terabytes of data that make up the Panama Papers files were obtained by German newspaper S ddeutsche Zeitung and shared with ICIJ and more than 100 media partners…

“ICIJ will release the full list of companies and people linked to them in early May,” the ICIJ said on its web portal as it called the leaks “The Panama Papers”.
With PTI

Posted by on April 4, 2016. Filed under Editorial. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.