Pandora Papers: India to investigate cases through multi-agency group

India today said it would investigate cases regarding "Pandora Papers" papers that exposed how the wealthy in over 200 countries tried to protect their assets from the scanner at home.

The Indian government also said investigations in cases of "Pandora Papers" leaks would be monitored through a multi-agency group, reports our New Delhi correspondent.

The government has taken note of the developments and concerned investigative agencies would undertake probe in these cases and appropriate action would be taken in such cases as per law, the Indian finance ministry said in a statement.

"With a view to ensuring effective investigation in these cases, the government will also proactively engage with foreign jurisdictions for obtaining information in respect of relevant taxpayers/entities," it said.

In the "Pandora Papers", names of only a few Indians (legal entities as well as individuals have appeared so far in the media.

The Indian government is also part of an inter-governmental group that ensures collaboration and experience sharing to effectively address tax risks associated with such leaks.

The International Consortium of International Journalists (ICIJ) yesterday came out with what is claimed to be a 2.94 terabyte data trove that exposes the offshore secrets of wealthy elites from more than 200 countries and territories.

The investigation is based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low or no-tax jurisdictions.

It may be noted that following earlier similar such leaks in the form of ICIJ, HSBC, Panama Papers and Paradise Papers, the Indian government enacted the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 with an aim to curb black money or undisclosed foreign assets and income by imposing suitable tax and penalty on such income.

Undisclosed credits of Rs 20,352 crores approximately (status as on 15.09.2021) have been detected in the investigations carried out in the Panama and Paradise Papers, according to the the Indian finance ministry.