Two days before the Government observes ‘Anti-Black Money Day”, a day that will mark the first anniversary of demonetization in India, comes the largest leak of financial data
Two days before the Government observes ‘Anti-Black Money Day”, a day that will mark the first anniversary of demonetization in India, comes the largest leak of financial data. The 13.4 million documents named ‘Paradise Papers’ showed up 18 months after the Panama Papers leak. Both sets of documents were obtained by German newspaper Süddeutsche Zeitung and findings were investigated by International Consortium of Investigative Journalists (ICIJ) in partnership with 96 news organizations.
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How does this impact India?
As per the Indian Express, among the 180 countries whose data was in the papers, India ranks the 19th in terms of the number of names. Totally, there are 714 high-powered Indians in the papers and one company that was interesting was Sun Group, founded by Nand Lal Khemka. A company that is the second –largest client internationally and has 118 different offshore entities
Apart from that a bulk of the records received were from the 119-year-old company Bermuda law firm Appleby that is a leading member of the global network of accountants, bankers, lawyers and other professionals who set up offshore companies and manage bank accounts of people who want to evade paying tax, manage real estate assets, open escrow accounts, buy yachts or airplanes paying lesser tax rates or those who want to move millions across the globe without government agencies finding out.
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