It will shake the world. And acting swiftly, the Prime Minister of India Narendra Modi has set up a multi-agency enquiry team to monitor wealth hoarded by Indians in tax heavens named by the ICIJ (International Consortium of Investigative Journalists). On behalf of the Central Government, Finance minister Arun Jaitley has promised in stern words that violators who so ever they may be will be punished on finding any unlawful & wrong doings. This has come after the PM Narendra Modi had serious discussion with the FM. This breaking story was first cracked by the Indian Express which is a part of International coalition of media house.

It’s learned that different government agencies namely – FT&TR (Foreign Tax and Tax Research), FIU (Financial Intelligence Unit), the CBDT and Reserve Bank of India will comprise the multi-agency group. The agency will monitor round the clock these accounts and illegal account holders will be punished as per the existing laws, Jaitley said.

The Indian finance ministry has said that the government would definitely try to find as much information as possible from all sources, including foreign governments to complete the investigation.

The names appeared in the list of around 500 personalities & tycoons are from all parts of the society, be it politics, business, bollywood, real estate. Amitabh Bachchan, his daughter in law Aishwarya Rai, Real estate giant DLF’s founder K P Singh & his wife along with his family members, Vinod Adani (Gautam Adani’s brother), Indiabulls promoter Sameer Gehlaut, Apollo Tyres’ O S Kanwar are a few Indian names who have allegedly appeared in the list. Indian Express has published many detailed stories on these alleged offshore holdings of such prominent & well known personalities.

This all is based on leaked documents from Mossack Fonseca, a Panama-based law firm. Although many of those named in the reports have denied any wrong doing & said they had complied with prevailing rules & regulations. Even non resident Indians could find themselves in trouble if any violation is found by them in RBI rules on overseas remittances or not declared overseas assets or income from them in their tax returns or under the compliance scheme, spokesman added.

This revealing story has shaken the top personalities all across the world which includes, China Russia, Australia, Sweden, France, Austria, The Netherlands, Pakistan, Iceland, Saudi Arabia, etc.

The ICIJ has revealed the concealed financial dealings of 128 top politicians and public officials all across the world. A few of the names of the prominent companies controlled by the King Salman of Saudi Arabia, Prime Ministers of Pakistan Nawaz Sharif, close partners, associates and friends of Vladimir Putin, the President of Russia, Chinese President Xi Jinping, Syrian President-Bashar al-Assad, Sigmundur Davio Gunnlaugsson-Iceland Prime Minister have appeared in the leaked documents.

Almost all Governments of the countries like France, Austria, Sweden, the Netherlands, Australia, whose name have appeared in the leaked story around the world have launched investigations – on the allegations, based on more than 11.5 million documents.

214,000 offshore entities covering almost forty years show how the Panama-based law firm Mossack Fonseca allegedly helped dodge sanctions, launder money & evading taxes.

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