Multi-Agency Group To Investigate Indian Names In 'Pandora Papers': Centre

In a statement, the CBDT said that a Multi-Agency Group made up of the tax department, Enforcement Directorate, RBI and FIU, will probe the Indian names.

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New Delhi: The Centre has said that it will investigate every Indian name that has appeared in the leaked financial records, 'Pandora Papers' which alleges that many world leaders have secret offshore stores of wealth.

"The Government has taken note of these developments. The relevant investigative agencies would undertake an investigation in these cases and appropriate action would be taken in such cases as per law," the Central Board of Direct Taxes (CBDT) said according to PTI. 

In a statement, the CBDT said that a Multi-Agency Group made up of the tax department, Enforcement Directorate, RBI and FIU, will probe the names and the government will seek from foreign jurisdictions information about Indians in the list. 

Some of the Indian names that have appeared in the 'Pandora Papers' include Anil Ambani, Vinod Adani, Jackie Shroff, Kiran Mazumdar-Shaw, Niira Radia, Sachin Tendulkar and Satish Sharma, it comprises 11.9 million confidential documents from 14 separate legal and financial services firms.

With a view to ensure effective investigation in these cases, the government will also "proactively engage with foreign jurisdictions for obtaining information in respect of relevant taxpayers/entities."

No name or timeline has been for completing the probe has been provided in the statement.

"The Government has directed today that, investigations in cases of Pandora Papers leaks will be monitored through the Multi-Agency Group, headed by the Chairman, CBDT, having representatives from CBDT, ED, RBI and FIU," it said.

The Government of India, it said, is also part of an inter-governmental group that ensures collaboration and experience sharing to effectively address tax risks associated with such leaks.

Meanwhile, the investigation by ICIJ is based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low or no-tax jurisdictions.

"Names of only a few Indians (legal entities as well as individuals) have appeared so far in the media. Even the ICIJ website (www.icij.org) has not yet released the names and other particulars of all the entities," the Ministry of Finance added in the statement.