The Day As It Unfolds

Paradise Papers Disclose Corporate Links With Secret Tax Havens, 714 Indian Names On List

The Paradise Papers carry more than 1,20,000 names of people and companies.


The Paradise Papers leak has revealed shocking details about Indian companies disclosing their connections with foreign secret tax havens and there are 714 Indian names on the list.

The mother of all corporate scandals, the Paradise Papers leak has exposed the links of multiple Indian corporates with foreign secret tax heavens. According to Indian Express, the leak reveals that Asiaciti of Singapore and Appleby of Bermuda helped the rich and powerful people across the globe to move their money to foreign shores. Most of the records that have been exposed belong to Appleby, a 119-year-old company that helps its clients set up offshore companies and also manages their bank accounts.

It has been found that the motive behind building these companies are mostly ulterior in nature as they are about tax evasion. Appleby has been revealed to help the multinational companies avoid taxes in their native countries. Notably, the Paradise Papers are a huge cache of 13.4 million documents related to offshore investments that have come out as a result of investigative journalism carried out by German newspaper Süddeutsche Zeitung along with 100 media partners.

Meanwhile, India ranks a notorious 19th on the list of 180 countries that feature in the documents with as many as 714 names being Indians, NDTV claimed. These names are of prominent individuals belonging to politics and entertainment apart from the corporate world. Speaking of corporates, Sun Group has been revealed to be the second largest client of Appleby having 118 offshore business entities under its name.

Other Indian clients of Appleby are currently on the radar of Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). Also, the Paradise Papers have exposed big names such as Amitabh Bachchan, Sanjay Dutt’s wife Manyata, civil aviation minister Jayant Sinha, Neera Radia among others. Biggies such as Queen Elizabeth, former Pakistan Prime Minister Shaukat Aziz also have a presence on the leaked documents.



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