Hetero bosses Narasa Reddy and Saradhi Reddy Bandi in Paradise Papers list

Hyderabad: The names of two directors of Hetero Drugs, Attari Venkata Narasa Reddy and Partha Saradhi Reddy Bandi, have figured in the ‘Paradise Papers’ list of globally rich persons who are alleged to have evaded taxes and opened shell companies abroad to divert their funds. Both men have denied violating any laws. The mention of names on the list does not mean that such entities have generated tainted money or evaded taxes.

Y. Jagan Mohan Reddy, president of the YSR Congress, also figures in the list, allegedly for fresh financial links in a CBI case registered against him. A senior CBI official said that the Bureau knows nothing about the report and has not received it from anyone. This financial data was obtained and leaked by the German newspaper Süddeutsche Zeitung and originates from two firms — Bermuda’s Appleby and Singapore’s Asiaciti — as well as from 19 other firms considered to be tax havens. Several Indian companies are clients of Appleby, a 199-year-old law firm.