Lagatar24 Desk
New Delhi, April 7: The government’s Multi-Agency Group, which was formed to oversee investigations into the Pandora Papers case, has begun to take action against the affluent Indians identified in the report.
The Income Tax Department has searched three entities identified in the Pandora Papers, and more will be investigated soon, according to government sources. Last month, the Foreign Asset Investigation Unit (FIAU) searched JCT Group’s Samir Thapar, who is also a relative of late congress leader Satish Sharma, and Hiranandani Group.
Last year, the FIAU was established to investigate allegations of undeclared assets held by Indians abroad and the presence of black money on foreign soil. Last month, ANI reported that the FIAU had searched Satish Sharma’s family and associates. According to officials, the FIAU has received credible evidence on wealthy Indians’ undisclosed foreign holdings and black money stashed abroad.
In an investigative report published in October 2021, the International Consortium of International Journalists (ICIJ) claimed that 380 Indians are among the global elite who have been exposed for ring-fencing their wealth through shadowy financial transactions and hiding assets worth millions of dollars in offshore tax havens.
Former Union Minister Satish Sharma has multiple offshore businesses and properties, according to the Pandora Papers.
The Multi Agency Group was formed after the names of over 300 rich Indians, including businesspeople, were leaked in the Pandora Papers last year. Following three MAG meetings in North Block, it was determined to pursue the businessman listed in the Pandora Papers.
The Pandora Papers inquiry is being monitored by the MAG, which is led by the Chairman of the Central Board of Direct Taxes (CBDT). CBDT, ED, RBI, and FIU are all represented on the MAG.
