After Panama leaks in 2016, it is now Pandora paper leaks that is setting the country’s financial environment on fire. The papers has revealed the offshore financial assets of dozens of current and former world leaders and hundreds of politicians from Asia and the Middle East to Latin America.
With millions of the reports followed by the 12 million documents from 14 companies in offshore tax havens with details of ownership of 29,000 offshore companies, evening of October 3 came as a nightmare several current and past leaders, celebrities and powerful people.
Of the 300-plus Indian names, the offshore holdings of as many as 60 prominent individuals and companies were corroborated and investigated. “People linked by the secret documents to offshore assets include India’s cricket superstar Sachin Tendulkar, pop music diva Shakira, supermodel Claudia Schiffer,” says the International Consortium of Investigative Journalists (ICIJ) in its report.
The ICIJ analysis of the secret documents identified 956 companies in offshore havens tied to 336 high-level politicians and public officials, including country leaders, cabinet ministers, ambassadors and others. Anil Ambani, who declares bankruptcy in one UK court, has 18 asset holding offshore companies; fugitive Nirav Modi’s sister sets up a trust just one month before he fled India; the name of Kiran Mazumder Shaw’s husband is also spotted in the report.