The Paradise Papers is the cache of 13.4 million documents named “Paradise Papers”. It tumbled out 18 months after Panama Papers. Even as black money continues to dominate political discourse, BJP and Congress — the country’s two major political parties — have thus far maintained radio silence on the Paradise Papers. The hidden banking activities of some of the world’s top politicians and royalty are also exposed in the Paradise Papers.
According to The Indian Express, individuals whose named have cropped up include such as Union Minister of State for civil aviation, Jayant Sinha; son of Congress leader and former Union minister for Overseas Affairs Vayalar Ravi; Former Rajasthan chief minister Ashok Gehlot, former finance minister P Chidambaram’s son Karti, and former Union minister Sachin Pilot.
Data has revealed that legendary Bollywood actor Amitabh Bachchan’s shareholding in a Bermuda-based company. Even Manyata Dutt’s name appeared in investigations that claimed she held positions in a company registered in the Bahamas.
Prominent Indian corporates that have been listed are Jindal Steel, Apollo Tyres, GMR Group, Havells, Hindujas, Emaar MGF, Videocon, the Hiranandani Group and DS Construction. Appleby’s files also revealed that on the run former Indian liquor magnate Vijay Mallya had close to USD 1.5 billion of USL Holdings’ loans, which were funnelled into four subsidiary companies in the form of debt, were waived off by Diageo.
Data were obtained by German newspaper Süddeutsche Zeitung investigated by the International Consortium of Investigative Journalists (ICIJ) working in partnership with 96 news organisations. Among the 180 countries represented in the data, India ranks 19th in terms of the number of names.
Source: The Indian Express