Wednesday, December 08, 2021

Panama Papers: Supreme Court to hear plea seeking CBI investigation

The case is currently being monitored by a multi-probed agency headed by the Central Board of Direct Taxes (CBDT)

By: ANI | New Delhi |
February 13, 2017 7:55:38 am
panama papers, panama leak, panama paper leak, sukhendu sekhar roy, parliament, BJP, black money, panama black money, indian express news, india news, budget session Supreme Court. (File Photo)

The Supreme Court Monday will hear the plea seeking a Central Bureau of Investigation (CBI) probe into the Panama papers expose case, in which many Indian industrialists and celebrities have been named. The petition was filed by Supreme Court advocate Manohar Lal Sharma, seeking an apex court-monitored probe against the Indian offshore account holders and stock market regulators. A bench led by Justice Dipak Misra was asked to direct the CBI to lodge FIRs and conduct probe into the alleged offences under the Prevention of Corruption Act and Prevention of Money Laundering Act. The International Consortium of Investigative Journalists (ICIJ), a non-profit organization based in Washington, obtained a cache of 11.5 million records detailing the offshore holdings of a dozen current and former world leaders, as well as businessmen, criminals, celebrities and sports stars.

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The case is currently being monitored by a multi-probed agency headed by the Central Board of Direct Taxes (CBDT) chairman Atulesh Jindal and attended by officials from the investigative unit of the CBDT and its Foreign Tax and Tax Research division, the Financial Intelligence Unit (FIU) and the Reserve Bank of India (RBI). The group was constituted, on the directions of the Prime Minister, to look into all cases of Indians setting up offshore entities in tax havens.

A Munich-based daily, Sueddeutsche Zeitung, was offered the data through an encrypted channel by an anonymous source. The data contained documents from a Panama based law firm, Mossack Fonseca. Founded by Juergen Mossack, the firm has offices across the globe and is among the world’s biggest creators of shell companies.

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