After holding their first meeting last week, the multi-agency group on Pandora Papers started its preliminary investigation of entities and person reportedly named in Pandora Papers.
Sources told ANI that the International Consortium of International Journalists (ICIJ) report on 3 October 2021 was discussed in the meeting which consists of 2.94 TB data trove exposing offshore secrets of wealthy personalities from across more than 200 countries and territories, adding that MAG will take appropriate legal steps.
“Only a few of the 380 Indian names and entities have appeared in the media so far. MAG will fast track its investigation once the rest of the names of Indian entities are released by ICIJ,” said sources.
The meeting of MAG was chaired by the Central Board of Direct Taxes Chairman JB Mohapatra. Officials of Enforcement Director (ED), Reserve Bank of India (RBI) and Financial Intelligence Unit (FIU) attended the meeting.
In the MAG meeting, it was decided that they will seek information from countries concerning Indian entities named in Pandora Papers through Automatic Exchange of Information, the sources added.
India can seek information from various platforms like the OECD through spontaneous exchange information and also tax authorities have provision of common reporting standard (CRS), sources said.
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.
Undisclosed credits of Rs 20,352 crore approximately (status as on 15.09.2021) have been detected in the investigations carried out in the Panama and Paradise Papers.
(With agency inputs)