IT sleuths go hunting in ‘Paradise’ while looking to tie up Panama Papers probe

NEW DELHI: The government on Monday ordered a
multi-agency scrutiny+
against entities named in the ‘Paradise Papers’ while also saying it had launched criminal prosecution against five Indians named in the ‘Panama Papers’.

The ‘Paradise Papers’ involves the latest set of names with a presence in foreign tax havens which has been unearthed based on an expose by the International Consortium of Investigative Journalists (ICIJ), which had last year released the ‘Panama Papers’ in which 426 Indians and those of Indian-origin had been named.

The ‘Paradise Papers’ covers 714 Indians. Government officers said it is not illegal to have overseas subsidiaries or companies but the income should be disclosed and the transactions should be in line with the prescribed rules.

Like the ‘Panama Papers’, investigations will be routed through a reconstituted Multi

... read more at: