Yesterday I wrote in my blog about Indian using shell companies to transfer money abroad. Same time yesterday Indian Express Media group exposed that the International Consortium of Investigative Journalists(ICIJ) and German Newspaper Suddeutsche Zeitung have released the papers now known as Paradise Papers in which they have disclosed the names of the individual and Corporate people across the world who have taken the help of Bermuda’s Applleby and Singapore’s Asiaciti Trust to move money abroad to tax heavens. Finance Minister Arun Jaitley immediately ordered an enquiry into the Paradise Papers documents, where names of so many Indians have appeared.
The prominent names who have figured in the list are
1. Manayta Dutt- wife of film actor Sanjay Dutt. Director of Diqssh Energy, Sparkmatics energy, Diqssh Reality, MD of Nasjay Company
2. Ashok Seth- Chairman Fortis-Escorts
3. Harasha Moily- son of former Union Minister VM Moily. Founder Moksha-Yug Access
4. Jayant Sinha- Minister of State in present union cabinet.. Director- D light Design
5. Karti Chidambaram- son of former Home & finance minister in UPA1 & 2. Founder Ziqitza Health Care
6 .Niira radia-Legai & Judicial Representative
7. Qimat Rai Gupta-Promoter Havell group
8. Sachin Pilot- minister of state in UPA. Non Executive Director Ziqitza Health Care
9. RK Sinha- Share holder of SIS Asia Pacific Holdings & SIS International Holdings
10. Vijay Mallaya- director Watson Ltd, United breweries
11. Amitabh Bachchan- actor, Producer
12. Angad Paul- son of Swaraj Paul. Non Executive Chairman of Mytrah Energy Limited
13. Kalanithi Maran- promoter Sun Direct
14. Hinduja Brothers= Owners of Hinduja Group
15. Nandlal Khemka- Sun Group
16. Shobhana Bhartia- Chairperson- Hindustan Times
17. Raghav Bahl-Director Network 18
18. Subhash Chandra- Founder Essel group
Apart from the above list there are more than 700 names of Indians in the list released in the Paradise Papers. Now you will see denial by most of the people, stating that they are falsely implicated and they have nothing to do with the company with which their names have been linked, some will say they were only non executive directors and they have no role to play in the operation of the company, others will make a statement their name was used as director etc etc. No body is going to accept that they are linked with wrong doings of the company.
You will remember about 1.5 years back there was expose named as Panama Papers, and there also it was hinted that many Indians are involved in transferring money thru shell companies. Do not know whether the enquiry ordered by Finance Minister will yield any results, as in the list there are names of few people who are are in BJP or their sympthiser.
So friends lets wait and watch for further developments.
Awaiting your feed backs & comments.
Bobby
These are the prominent names Anil but from what I’ve read lakhs of people are involved; so don’t be surprised to see the names of others closer home also in this list: Maybe a few of our own neighbours! What I mean is that with demonetisation millions tried to find evasive ways to stash their cash; the well to do used ‘shell companies’ the middle class and others made benami accounts or put it in their driver’s or maidservant’s names!
Most everybody took illegal evasive action!
As the Biblical story goes, ‘ who will cast the first stone ‘ meaning can I blame them when I did the same?
Anil Malik Post author
Totally agree with you. But most of the middle class or smaller business men used these dubious means during demonitisation, but all these ultra rich people are using the route of shell companies over the years, so these people are bigger culprits.
R. N. Mungale
I agree that many more names closer home will come up but it in no way diminishes the gravity of situation.