Everyone loves money. Nobody likes to give away their hard-earned money to tax collectors. So, to avoid taxes a lot of loopholes are looking for in the existing system. If your country is not offering considerable tax benefits people naturally start looking for investing in foreign countries with tax benefits. Recently an investigation was done by the International Consortium of Investigative Journalists (ICIJ) and it is turning heads of people around the world.
‘Pandora Papers’ reveals elites around the world
As many as 300 Indians including Anil Ambani and Nirav Modi’s sister were included in a list of global elites who have stashed away “billions of dollars” in offshore accounts, according to an investigative report filed by ICIJ.
Recently published, the ‘Pandora Papers’ investigation, revealed names including King of Jordan, the president of Ukraine, Kenya, and Ecuador, the prime minister of Czech Republic and former British Prime Minister Tony Blair and other heads of states, business figures, members of parliaments.
The list also included Pakistan PM Imran Khan’s inner circle such as cabinet ministers and military leaders. However, PM Imran Khan wasn’t linked to the expose directly.
The ICJ investigation involved BBC, the Guardian, the Indian Express among 150 media outlets around the world. It claimed to have unearthed a cache of 11.9 million confidential files revealing secret dealings of the global elite.
Indian popular public figures are also on the list
The investigation includes names of icons from pop culture such as cricket star Sachin Tendulkar, Italian mobster ‘Lell the Fat One’, and pop icon Shakira.
“Tendulkar’s attorney said the cricket player’s investment is legitimate and has been declared to tax authorities. Shakira’s attorney said the singer declared her companies, which the attorney said do not provide tax advantages.” the report added.
According to reports, businessman Anil Ambani has 18 asset holding offshore companies despite declaring bankruptcy in a British court. Also, it should be noted that fugitive economic offender Nirav Modi’s sister set up a trust just a month before the tainted diamantaire fled India.
A report by The Indian Express says that Tendulkar liquidated such assets in the wake of 2016 expose, which was termed as ‘Panama Papers’.
The report by ICIJ names 6 Indian and 7 Pakistani politicians among those who kept their riches in hidden accounts or companies. The 2016 leak by ICIJ culminated in the ouster of heads of states in Iceland and Pakistan. Will Pandora Papers have the same effect in the world, only time will answer this question.
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