On Sunday, the International Consortium for Investigative Journalists (ICJI) revealed offshore secrets of famous elite groups like world leaders, powerful politicians, billionaires, celebrities and sportsmen, named “Pandora Papers”.
People around the world are yet again shocked by the fact that Pandora papers contain 1.9 million confidential documents from 14 separate legal and financial service firms, which makes for a greater number than the Panama papers.
The report shows that the major cause for alleged crimes is to avoid tax and hiding the assets, and thus creating offshore structures and trusts in tax havens such as Panama, Dubai, Monaco, the British Virgin Islands, Seychelles, Hong Kong and Belize. But some of the secret accounts were also scattered around in trusts set up in the US, including 81 in South Dakota and 37 in Florida.
Till now, India has mottled 300 names in Pandora papers such as Sachin Tendulkar, who now has to be answerable for liquidation of his entity in the British Virgin Islands, reportedly worth USD 8.6 million.
The famous capitalist Anil Ambani, the chairman of Reliance Anil Dhirubhai Ambani Group (ADAG) has been spotted with 18 offshore firms that have borrowed and invested $1.3 billion in the British Virgin Islands (BVI) and Cyprus, one of which shares a promoter firm that owns Reliance Capital listed in India.
Another entity under scrutiny that holds a 19.76% share in Biocoin and $85 million in various assets including cash and real estate, has been revealed to be under John McCallum Marshall Shaw, husband of Kiran Mazumdar Shaw (the founder Biocoin)- India largest Biopharmaceutical company.
Adding to the list, Purvi Modi, sister of famous jeweller Nirav Modi, reportedly set up a firm in the British Virgin Islands. The veteran Indian actor Jackie Shroff is also now under the eyes, being the prime beneficiary of a trust set up in New Zealand. The trust has a Swiss bank account and also owns an offshore company registered in the British Virgin Islands.