The pandora papers are documents that were leaked to the International Consortium Of Investigate Journalism (ICIJ).
It exposed the offshore dealings of the king of Jordan , The president of Ukraine, Kenya and Ecuador , The prime minister of Czech republic , former British PM Tony Blair among others.
In total 100 billionaires as well as celebraties from countries like Russia , USA , India , Pakistan , Uk and Mexico used shell firms and Incognito bank accounts to purchase secret assets and construct secret financial dealings.
A total of 2.94 terabytes of files came from companies hired by wealthy Clint’s to allegedly create offshore structures and trusts in tax heaven’s such as Panama , Dubai , Monaco , Switzerland and the Cayman Islands.
There are at least 380 persons of Indian Nationality in the pandora papers .
These documents relates to ownership of assets settled in private offshore trust’s and the investments including cash , share holdings and real states properties , held by the offshore entities.
The pandora paper reveals the rich , the famous , many of whom set up complex multi – layered trust structures for estate planning.
Some 35 current and former leaders are featured in the documents analyzed by the ICIJ – facing allegations Ranging from corruption to money laundering and global tax avoidance.
The government on Monday directed investigations to be carried out in relation to ‘Pandora Paper’ leaks .
The investigation will be monitored by a multi-agency group headed by central board of direct taxes (CBDT) chairman. It will also comprise having representatives from CBDT, enforcement directorate, Reserve Bank of India (RBI) and Financial Intelligence Unit, the official spokesperson of the tax authority said.
“The relevant investigative agencies would undertake investigation in these cases and appropriate action would be taken in such cases as per law,” the ministry of finance said.
