Almost eighteen months after Panama Papers leak, another massive trove of secret financial data has been leaked by the International Consortium of Investigative Journalists (ICIJ). The data on how big corporatess and ultra-rich individuals moved money to and from 19 tax havens to evade taxes was initially obtained by German newspaper Suddeutsche Zeitung.
The leak, called the Paradise Papers, contains 13.4 million documents from two leading firms in offshore finance. Most of the data leak came from Appleby, a Bermuda-based legal services provider, that facilitated setting up of offshore firms with low or zero tax rates. Singapore-based Asiaciti was the other firm that helped wealthy to move money to tax havens.
India ranks 19th out of 180 countries in terms of the number of names in the offshore data leak. A total of 714 Indians have been named, The Indian Express reported. News outlets worldwide partnered International Consortium of Investigative Journalists