The latest exposure has been termed as the ‘Bahamas Papers’ that has listed nearly 475 companies, trusts and people related to India registered in the tax. The corporate personalities have been named across the sectors including real estate, electronics, media and entertainment.
The exposed papers includes some of the names like, Anil Agarwal from the Vedanta Group, Kabir Mulchandani from Baron Group and Fashion TV India promoter Aman Gupta. The leaks have been reported by a popular newspaper in India that said that the cache of documents is with the German newspaper Suddeutche Zeitung which has shared it with the International Consortium of Investigative Journalists and its media partners including the Indian newspaper.
The paper has also mentioned that the 475 names are a part of more than 175,000 global ones and that the bleaks do not indicate any illegality on part of the off-shore holdings. The non-resident Indians who are citizens of other countries do not violate the Indian law in case they hold such companies. The latest leaks have come just a few days before the September 30, 2016 deadline of the Indian government for individuals corporates to declare their hidden wealth.
They have also been asked to pay a 45% penalty. The name of Anil Agarwal was linked with a trust in which he is named as the director.

Photo Credits: orissadiary


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