Oct 05, 2021
Multi-agency group led by CBDT chief to monitor probe into Pandora Papers cases
The government on Monday ordered an investigation of cases pertaining to the ‘Pandora Papers’, the latest leak of offshore financial records. The probe will be monitored through a multi-agency group, headed by the Central Board of Direct Taxes (CBDT) chairman, with representatives from CBDT, enforcement directorate, the Reserve Bank of India and the Financial Intelligence Unit, the finance ministry said in a statement.
On October 3, the International Consortium of International Journalists (ICIJ) came out with what is claimed to be a 2.94 terabyte data trove that exposes the offshore secrets of wealthy elites from more than 200 countries and territories, including India. The investigation is based on a leak of confidential records of 14 offshore service providers that provide professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low or no-tax jurisdictions.