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The Panama Papers were the result of a significant data breach at Mossack Fonseca, the world’s fourth-largest offshore law firm at the time of the breach. The database contained financial documents.The papers were provided to the German publication Süddeutsche Zeitung by an unnamed source (SZ).
The papers uncovered a network of 214,000 tax havens that involved affluent individuals, governmental officials, and companies from over 200 countries.Because the documents were obtained through a leak by an unnamed source in Panama, they are known as the Panama Papers.The vast majority of the records did not reveal any evidence of criminal activity; nevertheless, a few of the shell companies that had been established by Mossack Fonseca was used for illicit activities such as tax evasion, fraud, or the avoidance of sanctions imposed.The dossier uncovered a network of much more than 214,000 tax shelters that involved individuals and businesses from more than 200 countries. Before the disclosures were made public, the encrypted files were deciphered through the joint efforts of SZ as well as the International Consortium of Investigative Journalists (ICIJ), which took around one year.
What is Panama Papers
The Panama Papers are a collection of documents that have recently been made public and reveal previously confidential information regarding the personal finances of a large number of affluent individuals and government officials. There had been a dozen active and retired world leaders, 128 government servants and legislators, numbers of stars, businesspersons, and other rich persons who were identified in the leak.The documents were collectively known as the “Panama Papers” due to the fact that the leak was initially discovered in Panama. On the other hand, the government of Panama has voiced its strong opposition to the name, arguing that it gives the impression that the country is to blame for anything or is associated with something unfavourable.
Panama has stated unequivocally that it was not involved in any way with the activities of Mossack Fonseca. Despite this, the moniker has continued to be used, despite the fact that some news organisations that have covered the subject have called it as the “Mossack Fonseca Papers.”
Panama Papers scandal India
The Panama Papers disclosed suspected unlawful properties worth roughly Rs 20,078 crore of 500 Indians who have been listed in the disclosures.In 2016, following the publication of the papers, the authorities learned of the accused individuals’ and their putative illegal entities’ involvement in tax evasion.Advocate for the Supreme Court Manohar Lal Sharma has requested that an investigation into Indian offshore account holders as well as stock market regulators be conducted under the supervision of the highest court in the land.It was requested that a bench presided over by Justice Dipak Misra give the CBI instructions to file first information reports (FIRs) and undertake investigations into allegations of violations of the Prevention of Corruption Act and the Prevention of Money Laundering Act.At the moment, the investigation is being overseen by a multi-probe agency that is being led by the chairman of the Central Board of Direct Taxes (CBDT), Atulesh Jindal, and attended by officials from the inquiry unit of the CBDT, as well as its Foreign Tax & Tax Research division, the Financial Intelligence Unit (FIU), and the Reserve Bank of India (RBI).
Panama Papers list
On the list are also Bollywood stars Amitabh Bachchan and Aishwarya Rai Bachchan, who is the actor’s son-in-wife. law’s.After questioning Bollywood actor Aishwarya Rai Bachchan on Monday, India’s Enforcement Directorate (ED) has brought the Panama Papers back into the public consciousness in the country.
Billionaire property baron Kushal Pal Singh, billionaire Gautam Adani’s brother Vinod Adani, and billionaire real estate magnate Sameer Gehlaut are some of the wealthy and famous Indians who have been named so far in the Panama Papers. Other names include those of other prominent Indians.
Conclusion
The Panama Papers leak, that comprised the disclosure of more than 11.5 million legal and financial data of the ‘global’ law firm Mossack Fonseca based in Panama City, revealed fraud as well as tax evasion by politicians, celebrities, and members of the elite who had hidden riches in covert tax havens.
In an era marked by an increasing gap between the rich and the poor, the leak not just startled the world and also underscored the argument for a more equitable society. The readership of the incident as well as the government both reacted to the exposé in a manner that was overwhelmingly positive, and as a result, the agencies went into action straight away.
