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Business News/ Politics / Policy/  Panama papers: Supreme Court issues notice to CBI, others
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Panama papers: Supreme Court issues notice to CBI, others

Notices also issued to Sebi, RBI, finance ministry on a plea seeking an investigation against those named

A bench headed by justice Dipak Misra asked the CBI to respond within four weeks. Photo: Satish Kaushik/MintPremium
A bench headed by justice Dipak Misra asked the CBI to respond within four weeks. Photo: Satish Kaushik/Mint

The Supreme Court on Monday issued notice to the Central Bureau of Investigation (CBI) on a plea seeking a probe against people named in the so-called Panama Papers leak.

A bench headed by justice Dipak Misra asked the CBI to respond within four weeks. Notices were also issued to the Securities and Exchange Board of India (Sebi), the Reserve Bank of India (RBI) and the Union finance ministry.

The petition, filed by lawyer M.L. Sharma, sought a CBI probe against the Indian offshore account holders and place a report before the court for further prosecution.

The Panama Papers, a set of documents leaked from Panama-based law firm Mossack Fonseca, revealed the names of at least 500 Indians who allegedly used the firm to set up offshore entities in tax havens around the world.

Actor Amitabh Bachchan, DLF Ltd owner K.P. Singh and nine members of his family, the promoters of Apollo Tyres and Indiabulls, tycoon Gautam Adani’s elder brother Vinod Adani, politicians Shishir Bajoria from West Bengal and Anurag Kejriwal, the former chief of the Delhi unit of Loksatta Party, were some of the people named in the papers.

The Indian Express first reported on the Panama Papers in India last month, based on work done by the International Consortium of Investigative Journalists.

After the documents came to light, the government set up a team to investigate suspected tax evasion by Indians named in the Panama papers.

The finance ministry said that following orders from the prime minister, the government will form a group, including officers from the investigation unit of the Central Board of Direct Taxes, the Financial Intelligence Unit, the foreign tax and tax research division and RBI.

To be sure, not all offshore accounts are illegal and at least some of the Indians named in the report have explained that they had previously disclosed all their offshore investments.

According to The Indian Express, Bachchan was appointed director of at least four shipping firms registered in offshore tax havens set up 23 years ago. Bachchan, who has since resigned from the firms, according to the report, said his name may have been misused.

DLF’s Singh also denied any wrongdoing. Another magnate who figures in the report, Onkar Kanwar, also denied breaking any law, through a spokesperson for his company Apollo Tyres.

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Published: 09 May 2016, 12:16 PM IST
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