Panama-based Mossack Fonseca is a law firm which creates offshore companies of rich individuals in a factory like production system. An anonymous source has leaked 2.5 tera byte of Mossack Fonseca’s hidden, secret data: which dates back to 1977, and is enclosed within 11 million documents.
Last year, this treasure of secret files were handed over to Munich-based newspaper Suddeutsche Zeitung; which collaborated with the International Consortium of Investigative Journalists (ICIJ); which in turn made a team of journalists from 100+ media organizations all over the world.
For India, ICIJ teamed up with Indian Express; and the information coming in which concerns Indians and their dirty tricks of saving money in offshore bank accounts is not good. For the last 8 months, Indian Express sent their 25 reporters, led by the newspaper’s investigative team, and joined 375 journalists in 76 countries to make sense of this vast ocean of secret data about money laundering, corruption and politics.
After scanning the entire database, Indian Express found names of 500+ Indians who have illegally created offshore firms to save their money from tax and scrutiny. And, there are 234 passports as well, which were handed over to these 500+ super rich Indians.
Here is a video which will describe the process in detail.
9 Dirty Facts from this massive investigation:
– Superstar Amitabh Bachchan is a director of 4 offshore shipping firms, based in British Virgin Islands and Bahamas. These companies were formed in 1993; and they trade ships worth millions of dollars. (India didn’t allow formation of offshore firms by Indians before August 2013)
– Aishwarya Rai, who is called A Rai in the underworld of Panama, was director of a firm in British Virgin Islands; and father Kotedadi Ramana Rai Krishna Rai, mother Vrinda Krishna Raj Rai and brother Aditya Rai were share-holders in them. The company was dissolved in 2008.
– Sameer Gehlaut, founder of India Bulls, acquired real estate properties in Britain, using his secret firms based in Bahamas. Since 2012, these properties have been owned by Gehlaut Family Trust, and they span Karnal, Delhi, Bahamas, UK, Jersey. Hotel and other commercial entities are being built over there.
– KP Singh, founder of DLF, formed a secret offshore firm in British Virgin Islands, along with his wife’s name. His son and daughter later formed atleast 2 more companies; and their combined offshore capital is estimated at $10 million
– Other prominent Indian business tycoons who have used services of this Panama law firm (and have been described as clients): Garware Family (Offshore entities: Rondor Overseas Ltd, others); Shishir K Bajoria (Offshore entity: Haptic (BVI) Limited); Onkar Kanwar (Offshore entity: J&S Systems Corporation); Harish Salve (Offshore entities: Crestbright Ltd, Pyebush Group Ltd, Edenval Ltd); Jehangir S Sorabjee (Offshore entity: Moonglow Investments Global Ltd)
– A number of State Heads have been found to be illegally hiding their wealth in offshore companies; and they include: Chinese President Xi Jinping, Pakistan Prime Minister Nawaz Sharif and the king of Saudi Arabia
– Russian President Vladimir Putin, was not named in the documents, but as per the investigation, he, “secretly shuffled as much as $2 billion through banks and shadow companies”.
– Football star Messi, along with his father formed an offshore firm to save taxes in his own country. He is going to trial from May 31, on allegations of stealing $6.5 million as tax from Govt. Other prominent football star featured is Michel Platini who opened an offshore company in 2007, the same year when was named President of UEFA, the European soccer association.
– Edward Snowden, who stirred entire US and the World with his data leaks, has described Panama papers as “Biggest leak in the history of data journalism just went live, and it’s about corruption.”
Now, the only question which remains is: Will Indian Govt. act on the findings of these scintillating details of money laundering and corruption?