Just as the world woke up to this beautiful morning today, something was different; something that could potentially stir up the world with a great deal of money- The Paradise Papers. After almost a year of the release of very revealing Panama Papers, a new set of even more revealing with data of hidden wealth from a lot of individuals across the world, including several Indians, shows hedge funds and possible skirted taxes. It is only safe to say the Paradise Papers are the largest ever leak of financial data in the history.
India, shockingly ranked 19th in terms of the number of names showing up in the Paradise papers out of a total of 180 countries. According to reports, the leaked file shows data about 19 tax havens, show companies, and several individuals those have been allegedly avoiding taxes by using artificial entities. This has been made possible by
According to sources, 714 Indians, which includes, celebrities, MP’s, business tycoons and other wealthy residents, are named in the tally. This list also includes an Indian firm which is considered to be Appleby’s second-largest global client, having 118 offshore entities in total. This huge scandal was made possible by two firms Bermuda’s Appleby and Singapore’s Asiaciti Trust; these helped globally rich firms and people to move their money abroad by different means fooling the government. The data includes an Indian Firm which is considered to be the second-largest global client of the Appleby, and it shows that the firm has 118 different offshore entities across the world!
According to the sources close to the ICIJ which is the investigating behind the leak of Paradise Papers, reveals Paradise Papers to be having a cache data of around 13.4 billion documents! These documents have stored in them the entire strategy used by these two companies used to hide assets for tax relaxation.
The document includes many of India’s high-profile personalities including the legendary Amitabh Bachchan. Vijay Malaya, who is already encircled with Indian Government’s ongoing money laundering cases on him, will have more to say now that the Paradise Papers have shown significant evidence of his global tax haven wrongdoings.
Apart from many Indian A-listers, Queen Elizabeth, Putin’s son-in-law and many more world-renowned personalities are now in the reach of investigation teams for their potential financial crimes included in the Paradise Papers.
This data has possibly taken a stir in Indian politics, as it is leaked just 2 days before the present NDA government marks one-year anniversary for the revolutionary demonetization drive on November 8. As opposition calls it a Black day, NDA insists on celebrating it as the Anti-Black Money Day which sounds a little difficult now that the Paradise paper has revealed a huge number of Indian residents who have successfully played around saving on taxes, anyway.
It will be interesting to see how the investigation unfolds in future and brings out even more shocking terms ahead for us. As far as the number of pages from the Paradise Papers concerns us, it is possible that these papers could reveal much more in future. It is now sure that the alleged names will have difficult times ahead amidst all the investigation that could be beginning even as we speak.
Article by Pooja.