New Delhi: Union finance ministry on Monday said that its investigations on earlier expose by ICIJ “Panama Papers” on black money held in tax havens by Indians “led to the detection of undisclosed credits of about Rs 792 crore.”
CBDT said that in five cases criminal prosecution complaints have been filed.
Following revelations made by ICIJ in April 2016 about some Indians having linkages with entities in offshore in no tax or low tax jurisdictions, the Centre had constituted a Multi-Agency Group (MAG) for co-ordinated and speedy investigation.
So far, MAG has submitted seven reports to the government.
“The Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin. The Income Tax Department conducted enquiries in all 426 cases by making 395 references to 28 foreign jurisdictions,” said CBDT. It said that based on analysis of the information obtained and investigation conducted, the outcome so far indicates