Search Initiated on Names Listed in the Pandora Papers

Story Highlights
  • Sameer Thapar and Hiranandani group under the IT scanner.
  • Pandora papers claimed three indians held undisclosed assets overseas.
  • Govt constituted mulit agency group to probe names in Pandora Papers.

New Delhi: The unit constituted by the government to monitor probe into the Pandora Papers case has started cracking down on the wealthy Indians named in the investigation report.

The Multi-agency group officials stated IT Department initiated the search on three identities named in the document published by the International Consortium of Investigative journalism.

Last month JCT group Sameer Thapar and Hiranandani group was search by foreign asset investigation. The IFAU was established last year to probe cases of undisclosed, disproportionate assets held by Indians overseas and possession of black money in foreign shores. According to sources in the know credible information of undisclosed foreign assets and black money stashed by rich Indians came to the fore.

The Pandora papers revealed that Union Minister Satish Sharma had several off shore entities and properties in his name.

Meanwhile the Hiranandani group was the latest Corporation that came under the scanner after IFAU searched 25 premises across 3 cities related to the firm. Sources claim Hiranandani group founder and some of his family members were beneficiaries of assets worth USD 60 million as per the declassified documents..

Multi Agency Group which was constituted after the more than 300 wealthy Indians, including business people names figured in Pandora Paper leaks last year. After the three meetings of MAG held in North Block it was decided to launch action against the businessman named in Pandora Papers. MAG headed by the Chairman of the Central Board of Direct Taxes (CBDT) monitoring investigations into the Pandora Papers case. MAG having representatives from CBDT, ED, RBI & FIU. It is proactively engaged with foreign jurisdictions for obtaining information in respect of relevant taxpayers/entities before going for search. MAG sought information from countries concerned on Indian entities named in Pandora Papers through Automatic Exchange of Information (AEIO).

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