Undisclosed assets worth Rs 20,353 cr detected from Panama, Paradise, Pandora Papers: Govt

Undisclosed assets worth Rs. 20353 crores linked to 930 Indian entities have been detected while probing the Panama, Paradise and Pandora Papers, Pankaj Chaudhury, Minister of State (MoS) Finance, informed the Rajya Sabha. Taxes collected so far amount to Rs. 153.88 crores in the Panama and Paradise Paper Leaks, he said.

New Delhi: Probe agencies have detected Rs. 20353 crores as undisclosed assets linked to 930 Indian entities in the follow up probe on Panama Papers, Paradise Papers and Pandora Papers 2021, Pankaj Chaudhury, Minister of State (Mos), Finance informed the Rajya sabha on Tuesday.

The MoS, while disclosing the details of detection in reply to a question raised by BJP MP Sushil Kumar Modi, said the taxes collected so far amount to Rs 153.88 crores in the Panama and Paradise Paper Leaks.

The written statement tabled in the Rajya Sabha said that appropriate actions have been taken by the Income Tax Department against persons who are found to be involved in violation of provisions of the Income Tax Act, 1961, and Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015.

On actions initiated, the minister said searches and seizure, surveys, inquiries, assessment and reassessment of income, levy of taxes along with interest, levy of penalties, filing of prosecution complaints in criminal courts, etc., wherever applicable are undertaken.

"In 52 cases of Panama and Paradise Paper Leaks, criminal prosecution complaints have been lodged under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 have been initiated," Chaudhury said adding that proceedings are underway in 130 cases pursued under these provisions.

Stating that the government has taken cognizance of Indian names linked to the Pandora Papers Leak, the Minister said the umbrella of Multi-Agency Group (MAG) will go into the alleged links and the undisclosed assets of the said individuals and entities.

The MAG has been constituted under the convenorship of Chairman, Central Board of Direct Taxes (CBDT), with Directorate of Enforcement (ED), Reserve Bank of India (RBI), Financial Intelligence Unit India (FIU-IND), and Foreign Tax & Tax Research Division of CBDT as its member agencies for a speedy and coordinated investigation, he said.

What are these papers?

International Consortium of Investigative Journalists (ICIJ) has undertook the investigation of all these three - Panama, Paradise and Pandora Papers and published the same.

The ICIJ defines the Panama Papers as a giant leak of more than 11.5 million financial and legal records exposes a system that enables crime, corruption and wrongdoing, hidden by secretive offshore companies. The Panama Papers: Exposing the Rogue Offshore Finance Industry was published by the ICIJ which undertook the investigation.

Pandora Papers is an expose of the offshore havens and hidden riches of world leaders and billionaires. It reveals the inner workings of a shadow economy that benefits the wealthy and well-connected at the expense of everyone else, according to the ICIJ.

The investigation titled Paradise Papers: Secrets of the Global Elite pores over the secrets from one of the world’s most prestigious offshore law firms, a specialized trust company and 19 company registries in secrecy jurisdictions.