A Mumbai activist has alleged that the promoters of Housing Development and Infrastructure Limited (HDIL) used shell companies that featured in the Panama Papers to siphon off money into their personal kitty. Rakesh Wadhawan and son Sarang, both under arrest, are being investigated by Mumbai police's Economic Offences Wing for allegedly siphoning off R6,500 crore in unreturned loans via several dummy accounts.

Anti-corruption activist Niraj Gunde, in his complaint to the Prime Minister's Office (PMO) and the central Enforcement Directorate (ED) on Wednesday alleging that the Wadhawans are linked to several companies registered in tax havens, and which featured prominently in the Panama Papers.