179th Day Of Lockdown

Maharashtra114584081235431351 Andhra Pradesh6095585198915244 Tamil Nadu5309084757178685 Karnataka5029823940257808 Uttar Pradesh3362942632884771 Delhi2347011981034877 West Bengal2155801870614183 Odisha167161133466722 Telangana1670461353571016 Bihar164224149722855 Assam150349121610528 Kerala12221687341490 Gujarat119088999083271 Rajasthan109088906851293 Haryana103773816901069 Madhya Pradesh97906743981877 Punjab90032658182646 Chhatisgarh7777541111628 Jharkhand6710052807590 Jammu and Kashmir5971138521951 Uttarakhand3713924810460 Goa2678320844327 Puducherry2142816253431 Tripura2069612956222 Himachal Pradesh11190691997 Chandigarh92566062106 Manipur8430653951 Arunachal Pradesh6851496713 Nagaland5306407910 Meghalaya4356234232 Sikkim2119178923 Mizoram15069490
Nation Current Affairs 04 Apr 2016 Amitabh, Aishwarya n ...

Amitabh, Aishwarya named in Panama list of firms in tax havens

Published Apr 4, 2016, 9:57 am IST
Updated Apr 4, 2016, 11:16 am IST
Aishwarya was registered as director of Amic Partners Limited and later her status was changed to shareholder.
Bollywood actors Amitabh Bachchan and Aishwarya Rai Bachchan (Photo: PTI)
 Bollywood actors Amitabh Bachchan and Aishwarya Rai Bachchan (Photo: PTI)

New Delhi: Over 500 Indians, including top Bollywood actors, industrialists and politicians have been named in a massive leak of 11.5 million tax documents exposing their secret offshore dealings.

An investigation into the documents by more than 100 media groups, described as one of the largest such probes in history, revealed the hidden offshore dealings in the assets of world leaders, businessmen, sports person and celebrities.


Read: Putin, Sharif among world leaders, celebs exposed in tax haven dump

In India, The Indian Express formed part of the investigation by the International Consortium of Investigative Journalists (ICIJ) that exposed the vast stash of records obtained from an anonymous source by a German daily, Sueddeutsche Zeitung.

The documents, from around 214,000 offshore entities covering almost 40 years, came from Mossack Fonseca, a Panama-based law firm with offices in more than 35 countries.

Read: Panama leaks: Lionel Messi, Michel Platini exposed in secret offshore dealings


The list includes Bollywood actors like Amitabh Bachchan, Aishwarya Rai Bachchan, DLF's K P Singh along with nine family members, Gautam Adani's elder brother Vinod Adani, Indiabulls promoter Sameer Gehlaut and Apollo Tyres promoter. The list also named two politicians – Shishir Bajoria from West Bengal and Anurag Kejriwal, former chief of Delhi Loksatta Party.

“Amitabh Bachchan was appointed director in at least four offshore shipping companies set up in 1993. Similarly, Aishwarya Rai and her family members were registered in 2005 as directors of Amic Partners Limited. Her status was later changed to share holder before the company was dissolved in 2008. DLF promoters KP Singh acquired a company registered in British Virgin Islands in 2010. His family's three offshore entities hold almost $10 million,” report in The Indian Express reads.


Read: 'Panama Papers' revelation a 'crime,' says law firm

As per Reserve Bank of India guidelines, Indian citizens were not allowed to start an overseas entity before 2003.

However, in 2004, the RBI allowed individuals to remit funds of up to $25,000 a year under the Liberalised Remittance Scheme (LRS). But it never allowed Indian citizens to set up companies abroad.

Read: Leak boosts Panama's image as money-laundering hub

Names of around 140 political leaders including Russian president Vladimir Putin, Pakistan Prime Minister Nawaz Sharif and Chinese President Xi Jinping figured on the list.


The leaked data from 1975 to the end of last year provides what the ICIJ described as a ‘never-before-seen view inside the offshore world.’

Read: Australian tax office probes hundreds for possible tax evasion after Panama leak

The leaked documents were reviewed by a team of more than 370 reporters from over 70 countries, according to the ICIJ.

The BBC cited Mossack Fonseca as saying it had operated ‘beyond reproach’ for 40 years and had never been charged with any criminal wrongdoing.

It was not immediately clear who was the original source of the leaked documents.


Location: India, Delhi, New Delhi