The inquiry into the ‘Pandora Papers’ involves 12 million records from 14 different financial services businesses around the world.
The International Consortium of Investigative Journalists (ICIJ) launched an investigation on Sunday that revealed a long list of governmental leaders, entrepreneurs, celebrities, and athletes who had amassed millions in undisclosed offshore holdings.
The inquiry into the ‘Pandora Papers‘ involves 12 million records from 14 numerous economic services businesses around the world.
Pandora Papers contain the names of over 300 Indians
According to the inquiry conducted by around 600 journalists from 150 media outlets in 117 countries, the Pandora Papers contain the names of over 300 Indians, as well as King Abdullah II of Jordan, former British Prime Minister Tony Blair, Czech Republic Prime Minister Andrej Babis, Kenyan President Uhuru Kenyatta, Ecuadorian President Guillermo Lasso, and former associates of both Pakistani Prime Minister Imran Khan and Russian President Vladimir Putin.
Anil Ambani, who had filed for bankruptcy in a UK court, has 18 assets holding offshore entities, according to Indian Express, which was part of the inquiry.
Nirav Modi’s sister established a trust a month just before the fugitive diamantaire fled the country, according to the report. As per the report, Biocon promoter Kiran Mazumdar Shaw’s spouse set up a fund with keys to a person who has been banned by the SEBI for insider trading.
Several people decided to restructure their offshore accounts post the Panama Paper’s publication
Several offshore entity proprietors adapted to the post-Panama Papers environment, according to the inquiry. Following the publication of the Panama Papers, some countries strengthened their restrictions.
Following the publication of the Panama Papers, several people decided to restructure their offshore accounts. Three months after the Panama Papers, Sachin Tendulkar requested the closure of his British Virgin Islands firm, according to the article.
Apart from major tax havens like the British Virgin Islands or Panama, Samoa, Belize, and the Cook Islands are some of the most popular tax havens.
King Abdullah II amassed $100 million in property in the UK and US
According to the Pandora Papers, Jordan’s King Abdullah II surreptitiously amassed $100 million in property in the United States and the United Kingdom.
According to the research, Indians who owe banks thousands of crores have shifted a significant portion of their assets to a tangle of offshore corporations.
The papers have also mentioned former Members of Parliament who had held public service in India.
3 GB data stolen from 14 service providers
The Pandora Papers named over 700 Pakistanis, along with some ministers and key members of Prime Minister Imran Khan’s inner circle, including Finance Minister Shaukat Tarin, Minister for Water Resources Moonis Elahi, Senator Faisal Vawda, and the Bakhtiar family, Minister for Industries and Production.
The Pandora Papers probe is much bigger than the Panama Papers, which made headlines in 2016.
The Panama Papers were obtained from the files of a single offshore services firm, Mossack Fonseca, whereas the Pandora Papers were obtained from the files of a group of lawyers and middlemen.
The most recent bombshell involves over 3 gigabytes of data stolen from 14 distinct service providers operating in 38 different regions throughout the world. The files extend back to the 1970s, however, most of them are from 1996 to 2020.