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A year after the Panama Papers another arrangement of information taken from an offshore Bermuda’s law firm, Appleby, could uncover the concealed wealth of individuals, including Indians, and bring out how corporations, hedge funds and others may have skirted taxes. The 119-year-old company is a member of the network of lawyers, accountants, bankers, and others and the disclosures enable regulators overcome the obstacle of secrecy.
Among the 180 countries represented in the data, India positions 19th in terms of the number of persons. If noted statistically, on the whole, there are 714 Indians. Interestingly, an Indian firm figures as Appleby’s second-largest client globally, with no less than 118 distinctive offshore entities.
As indicated by Paradise Papers, more than 700 Indian names, including those of politicians, such as Jayant Sinha (Minister of State for Civil Aviation), Corporates and Celebrities like Amitabh Bachchan came in specifying business dealings of "the world's most powerful people and companies" in offshore tax havens.
Also, The International Consortium of Investigative Journalists (ICIJ) said that the 'Paradise Papers' uncover the offshore activities of a portion of the world's most powerful people and companies, and the files were obtained by the German newspaper Suddeutsche Zeitung. This disclosure comes two days before the NDA government on the first anniversary of the demonetization drive on November 8, which the Centre will observe as Anti-Black Money Day.
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