The Panama papers also called Panama files are rocking India as well as the world as top politicians, businessmen, industrialists and traders have been named in these documents for opening secret back account in other countries to park their black money abroad. This money was used to buy property, invest in other countries and to keep it away from the prying eyes of the tax men in the country.
Former drug lord and Dawood associate Iqbal Mirchi, politician Anurag Agarwal, industrialist Gautam and Karan Thapar, jeweler Ashwini Kumar Mehra and top other names have been listed as having offshore links with banks in tax havens that are used to stash black money by the rich and famous.
Interestingly, a business family from Jammu and Kashmir that is based overseas is also said to have been named in the Panama papers.The papers also show that despite the government’s resolve to track black money and bring it back there has been little or no check on milking of the loopholes in the financial system.The details also show how complex and murky is the world of global finance, and the manner in which shell companies are used to park black money in tax havens.
The Panama Papers were released by an International Consortium of Investigative Journalists along with large number of media organizations. The government meanwhile said that a multi-agency group has been formed to monitor the black money trail. Finance Minister Arun Jaitley said that details of almost 6000 crore have been found by investigative agencies.
After the leak of the Panama Papers was published in Indian newspapers, the Modi government announced the formation of a team that comprises of members from Central Board of Direct Taxes’ Financial Intelligence Unit, its Tax Research Unit and officials from the Reserve Bank of India to probe into the revelations. This group will monitory information flow and take necessary action, said the finance ministry.