Panama papers yells Indian celebs with secret offshore dealings

Get over the Swizz leak. We now have a fresh list from Panama Papers revealing a massive 11.5 million tax documents yelling the secret offshore dealings of world’s celebrities and business tycoons, leaders and more. The papers include more than 500 Indian personalities in the offshore companies including Amitabh Bachchan, Aishwarya Rai, DLF owner KP Singh, politician Shishir Bajoria from Kolkata and Loksatta’s former chief of Delhi unit Anurag Kejriwal and more.

The detailed joint probe by at least 100 media outlets presented documents revealing hidden dealings in the assets of at least 140 political figures, and sports celebrities.

The revelations happen when Special Investigating Team on black money is undergoing final stages.

While in 1993 Amitabh Bachchan was the director in four offshore shipping companies, actress Aishwarya Rai and her family were directors in Amic Partners Limited in 2005 and then switched over to being a share holder in 2008.  Similarly, KP Singh of DLF promoters and his family held three offshore entities worth $10 million with a company registered in British Virgin Islands in 2010.

It may be noted that according to the RBI norms, Indians were not entitled to start an overseas entity before 2003 and though in 2004 it allowed remitting funds upto $25,000, Indians still couldn’t set up companies abroad.

-windowtonews