India orders probe into affairs of 714 Indians named in Paradise Papers

The Indian government has ordered a probe into the Paradise Papers, the largest ever financial data leak, which reveals how two firms Messrs Bermuda’s Appleby and Singapore’s Asiaciti Trust have helped the rich and powerful across the globe stash their money in tax-friendly safe havens abroad.

According to the “Indian Express,” Indian Finance Minister Arun Jaitley has ordered the investigation into the international financial affairs of his 714 compatriots. For probe, the Narendra Modi government has reportedly reconstituted the multi-agency group set up last April for Panama Papers’ investigation.

The “Hindu Business Line” states: “The group is headed by the Central Board of Direct Taxes (CBDT) Chairman and has representatives from the CBDT, the Enforcement Directorate, the RBI and the Financial Intelligence Unit; it will monitor the investigations of cases in the Paradise Papers. The CBDT also alerted the Income-Tax Department’s investigation units for “immediate appropriate action. The leaks set off political ripples, with the main Opposition, the Congress, demanding that the Centre order an investigation. The party said the Paradise Papers proved that Prime Minister Narendra Modi’s “so-called fight” against black money and corruption remains a “complete flop.” With 714 Indian names, mostly corporate entities, figuring in the data leaks mainly from two firms — Bermuda’s law firm Appleby and Singapore’s family-owned trust company Asiaciti — Indian tax authorities will have to plumb deep into the offshore structures and initiate action against those involved in any impropriety.”

According to the “Times of India,” among the 180 countries represented in the Paradise Papers, India ranks 19th in terms of the number of names.

Update on the Indian investigation into the Panama Papers:

The “Hindu Business Line,” an Indian business newspaper published by Kasturi & Sons, the publishers of the newspaper The Hindu located in Chennai, writes: “On the Panama Papers’ probe, the CBDT, in a separate statement, said that based on analysis of the information obtained and investigation conducted, 147 actionable cases and 279 non-actionable cases (non-residents/no irregularities, etc) had been established. Of the 147 actionable cases, investigations have led to the detection of undisclosed credits of about 792 crore Indian Rupees so far. Searches were conducted in 35 cases and surveys in 11 cases. In five cases, criminal prosecution complaints have been filed. In seven cases, notices have been issued under the Black Money (Undisclosed Foreign Income and Assets) law.”

The broadsheet newspaper, having a circulation of 1,17,000, added: “Meanwhile, Congress chief spokesperson Randeep Singh Surjewala said: “Modi had promised to bring back 80-lakh crore Induan Rupees  in the first 100 days and to deposit 15 lakh Indian Rupees in the bank accounts of every Indian. Fortyone months later, Modi has back-stabbed the people.”