Paradise Papers: Biggest data leaks reveals trails of Indian corporates in global secret tax havens | The Indian Express
The Paradise Papers is the fourth collaborative investigation into offshore and banking assets done by The Indian Express with the ICIJ
Paradise Papers leak reveals secrets of world elite's hidden wealth | News | The GuardianTwo days before the Government observes “Anti-Black Money Day” to mark the first anniversary of demonetisation, comes the largest ever leak of financial data. Of offshore firms and 19 tax havens across the world which help the global rich and powerful, including from India, to move their money abroad.
This cache of 13.4 million documents named “Paradise Papers” tumbled out 18 months after Panama Papers: both sets of data were obtained by German newspaper Süddeutsche Zeitung and were investigated by the International Consortium of Investigative Journalists (ICIJ) working in partnership with 96 news organisations.
In India, The Indian Express, just as it did with the Panama Papers, investigated these records for over 10 months to come up with the India list.
The findings will be published in a series of over 40 investigative reports that begins tonight.
A bulk of the records investigated are from Bermuda law firm Appleby. Although not a tax advisor, this 119-year-old company is a leading member of the global network of lawyers, accountants, bankers and other operatives who set up offshore companies and manage bank accounts for clients to do one or a combination of the following: avoid or evade taxes; manage real estate assets; open escrow accounts, purchase airplanes and yachts paying low tax rates or, simply, use offshore vehicles to move millions across the globe.