Sep 22, 2016: Bahamas Papers expose 475 India-linked names with offshore accounts. A fresh expose on what’s being termed as ‘Bahamas Papers’ has listed 475 India-related folks, trusts and corporations registered within the tax haven, together with Vedanta Group’s Anil Agarwal, erstwhile Baron Group’s Kabir Mulchandani and Fashion TV India promoter Aman Gupta.
This have been revealed by The Indian Express, which says a brand new cache of paperwork is with German newspaper Suddeutche Zeitung, which has, in flip, shared it with the International Consortium of Investigative Journalists and its media companions, together with the Indian paper.
Bahamas Papers expose 475 India-linked names with offshore accounts.
The 475 India-related dossiers are a part of over 175,000 world ones, stated the paper. The leaks, nonetheless, don’t essentially point out any illegality on a part of the offshore holdings.
Non-resident Indians who’re residents of different international locations don’t violate Indian legal guidelines by holding such firms. Bahamas, a tax haven, is a bunch of 700 islands within the Atlantic Ocean north of Cuba as Bahamas Papers expose 475 India-linked names with offshore accounts.
Probe is on within the case of earlier expose, which got here to mild following the leak of papers belonging to a Panama-based legislation agency Mossack Fonseca which helped within the organising of offshore companies.
The discharge of recent leaks comes days earlier than the September 30 deadline of the Indian authorities for people and corporates to declare their hidden wealth and are available clear by paying a 45-per cent penalty when Bahamas Papers expose 475 India-linked names with offshore accounts.
Anil Agarwal’s identify is linked with a belief during which he’s named as a director. “Onclave PTC is a belief firm, appearing as a trustee of Agarwal’s family belief. This info is disclosed to the revenue tax authorities,” a spokesman is quoted as having instructed the newspaper.
Prasad and Prakash Nimmagadda, with pursuits in realty to pharmaceuticals, is one other set of names. Prasad is already being probed by the Central Bureau of Investigation in one other case, which had additionally arrested him in Could 2012, and obtained bail 17 months later, the newspaper mentioned as Bahamas Papers expose 475 India-linked names with offshore accounts.
“I’d not like to debate this concern over telephone. We are able to meet personally and speak about it. I’ll let you know every little thing,” Prasad has been quoted as telling the Express. This was adopted by calls by his workplace later cancelling a complete of three appointments that had been fastened, the Express mentioned.
As regards Chandigarh-based Harbhajan Kaur and Gurjit Dhillon, mother-daughter duo linked to at least one Century Industries registered within the Bahamas, each denied any data. Aman Gupta, chairman of a Finnish water model, mentioned he’s an NRI and that the corporate in query was inactive when Bahamas Papers expose 475 India-linked names with offshore accounts.
Photo Courtesy: taxinformationexchangeagreements.com
Bahamas Papers expose 475 India-linked names with offshore accounts