In a significant development, the Enforcement Directorate (ED) has initiated investigations into prominent Indian personalities named in the Pandora Papers, a collection of confidential files exposing secret offshore financial dealings. The individuals under scrutiny include business magnates Anil Ambani, cricket legend Sachin Tendulkar, and other notable figures such as Niira Radia, Gautam Singhania, and Lalit Goyal.
The Pandora Papers, comprising at least 12 million files, were first revealed by the International Consortium of Investigative Journalists (ICIJ) in 2021. The documents shed light on alleged tax havens and offshore activities involving global leaders, politicians, and public officials across 91 countries, including India. The investigation by the ED focuses on multiple aspects, including recording statements, seizing assets, searching premises, and obtaining details from the Income Tax department and the Reserve Bank of India (RBI).
Here’s a closer look at some of the individuals implicated in the Pandora Papers and currently under the ED’s investigation:
Anil Ambani: The chairman of the ADA group, Anil Ambani, is alleged to have ownership stakes in at least 18 offshore companies in locations such as Jersey, the British Virgin Islands, and Cyprus. These companies were reportedly established between 2007 and 2010, involving substantial borrowing and investments totaling at least 1.3 billion dollars. The ED has sought details on these entities and has summoned Anil Ambani and his wife Tina under the provisions of FEMA (Foreign Exchange Management Act).
Sachin Tendulkar: Cricket icon Sachin Tendulkar and his family members are identified as beneficial owners of a British Virgin Islands (BVI) company named Saas International Limited, according to the Pandora Papers. The ED has invoked FEMA in response to these revelations and has communicated with the Income Tax department to obtain Tendulkar’s ITR details. An Egmont request has also been sent to the BVI’s financial intelligence unit.
Gautam Singhania: Raymond chairman and managing director Gautam Singhania allegedly acquired two companies in the BVI in 2008, as per the Pandora Papers. The ED has initiated an Egmont request to the BVI and RBI, seeking further information on Singhania’s offshore dealings. Additionally, the IT department has been asked to provide details on any pending cases under the black money act against the Singhania family.
Bavaguthu Raghuram Shetty: Businessman Bavaguthu Raghuram Shetty, previously detained in Bengaluru in 2020 for non-payment of loans, is accused of establishing a complex offshore company network in Jersey and the BVI. The ED recorded statements from Shetty and his top executives in December 2022, alleging FEMA violations amounting to ₹1,22.49 crore.
Harish Salve: Former solicitor-general of India Harish Salve is named in the Pandora Papers for acquiring the Marsul Company in the BVI in 2015. The purchase was reportedly for owning a property in London. An Egmont request has been made with the Financial Intelligence Unit of the BVI, and additional requests for details have been forwarded to the IT authorities regarding Salve’s returns for Marsul.
The Pandora Papers probe by the ED underscores the global reach of offshore financial activities and their potential implications for high-profile individuals. As the investigations unfold, the public awaits further revelations and potential legal consequences for those implicated in this massive financial exposé.
Sources By Agencies