Page 10 - The Indian EYE 100821

NATION OCTOBER 08, 2021 | The Indian Eye 10

pandora paperS

How the rich and powerful from

India and pakistan are stashing

and hiding their wealth

Indian government says it will investigate cases pertaining to the massive leak of

financial documents and take appropriate action

our Bureau

New Delhi/Islamabad

ramped-up drive against
the black money men-
A ace by several countries
has forced wealthy elites, in-
cluding from India, to adopt a
new method to ring fence their
wealth, revealed the ‘Pandora
Papers’, the latest leak of off-
shore files. Pandora Papers talks
about those beneficial owners
who have assets placed in an
offshore trust--in conjunction
with foreign entities- holding all
sorts of investments, cash, prop-
erties, shareholdings on behalf
of these owners.

Indian business tycoon Anil Ambani
more than 300 Indians,

including business peo- The central government sociated with such leaks. need to fund quality public ex-
ple, figure in the ‘pandora said on Monday that it will in- Rights group Oxfam India penditure, he added. Many of
those featured in the leak have
vestigate cases pertaining to the has called for immediate action
papers’ that has uncov- massive leak of financial docu- by authorities and abolishing tax rejected allegations of misdo-
ered the financial assets ments, being dubbed the “Pan- havens following the expose of ings. Among others, Kiran Ma-
zumdar-Shaw on Monday said
dora Papers”, and take appro- the ‘Pandora Papers’. “Tax ha-
of rich individuals across priate action, as per law. vens cost governments around her hubsand’s offshore trust was

the world. anil ambani, vi- “The government has tak- the world USD 427 billion each bonafide and legitimate.
en note of these developments. year. Developing countries are Meanwhile, the Pandora
nod adani, Jackie shroff, The relevant investigative agen- being hardest hit, proportion- Papers has revealed names of
Kiran mazumdar-shaw, cies would undertake an investi- ately. Corporations and the 700 Pakistani individuals and
members of Prime Minister Im-
gation in these cases and appro- wealthiest individuals that use
niira radia, sachin ten- priate action would be taken in tax havens are outcompeting ran Khan’s cabinet, inner cir-

dulkar and satish shar- such cases as per law,” the minis- those who don’t. Tax havens cle, including cabinet ministers,
try of finance said in a statement. also help crime and corruption
their families and major finan-
ma, among others, figure The ministry went on to say to flourish,” Oxfam India CEO cial backers, who have secretly
in the list of Indians in the that the Indian government is Amitabh Behar said. owned an array of companies
Abolishing tax havens can
and trusts holding millions of
part of an inter-governmental
‘pandora papers’ revealed group that ensures collabora- go a long way towards ensuring dollars of hidden wealth, ac-
so far. tion and experience sharing to that government actually have cording to International Con-
effectively address tax risks as- the access to tax revenue they Continued on next page... >>

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