Published On: Tue, Nov 7th, 2017

‘Paradise Paper’ leak: India to constitute ‘Investigative Team’

itdept

A day after the Paradise Paper exposure, the Indian government have constituted an investigative team to conduct a probe into the cases related to the leak.

As per the media report, the Central Board of Direct Taxes will lead the investigation team.

The surprising disclosure has exposed the illicit business, financial transactions and economic deals of several companies by making public several paperworks such as loan agreements, financial statements, emails, trust deeds and much more belonging to these companies.

It has been revealed that the confidential documents, which have been recently exposed, have been retrieved from some servers belonging to an off-shore law firm based in Bermuda and a Singapore based company.

The sensitive disclosure has been organically made by the International Consortium of Investigative Journalists.

As many as 714 Indians or Indian companies, who are named in the papers, are likely to be investigated by the special investigative team.

In the recent past, the Panama Paper leak placed several businessmen, actors and politicians in a defenceless state, as the documents, just like the Paradise Paper documents, had many concrete details regarding their suspicious financial transactions made in the off-shore safe heavens in order to evade tax and other scrutinies.

 

Vignesh. S. G

Photo Courtesy: Google/ images are subject to copyright

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‘Paradise Paper’ leak: India to constitute ‘Investigative Team’