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Panama papers leak shows accounts of rich & famous

Around 140 political figures, including 12 current or former heads of state, Indian celebrities are named in list

Policy Pulse
Publish Date: Apr 4 2016 11:59AM | Updated Date: Apr 4 2016 11:59AM

Panama papers leak shows accounts of rich & famous

 Panama Papers, the name which bears resemblance to the title of mystery paperbacks, are revelation of secrets that belonged to the well-heeled across the world, until now.

 
Here, more than 11 million documents from the secret files of the Panama-based law firm Mossack Fonesca are being referred to as Panama Papers. These are secret documents of firms belongings to global and Indian power-figures parking money in the tax haven.
 
In a shocking revelation, around 140 political figures, including 12 current or former heads of state, Indian celebrities are named in the list.
 
According to national newspaper The Indian Express, among over 500 Indians are the big names like actor Amitabh Bachchan, Aishwarya Rai, Realtor, KP Singh, Indiabulls owner Sameer Gehlaut etc.
 
Panama is deemed as a tax haven of well-heeled living across the globe, who set up offshore companies and get benefits of the secretive, tax regulatory system in the country offered to these firms.
 
As per International Consortium of Investigative Journalists (ICIJ), most of the alleged dealings are likely to be legal.
 
However, just the appearance of names in something that has to do with the hidden wealth in tax havens may create quite a din.