The International Consortium of Investigative Journalists (ICU) have dug deep into finding the financial data on how big corporates and multi billioniares are moving money to and from the 19 tax havens. Credit goes to the German Newspaper Suddeutsche Zeitung who initially reported this news.
These financial data is compiled into a document called the Paradise Papers which is a 13.4 million document. It is taken from two offshore finance companies, Appleby in Bermuda and Asiaciti in Singapore.
India is known for its ultra-rich syphoning money out of India, and this has been proven once again. A total of 714 Indians are found in the papers and hence India is ranked 19th out of the 180 countries with the number of names in the data. The main report has found that the ultra-rich, celebrities, huge corporations and even politicians use foundations and shell companies to hide their cash.
Some of the international personalities caught in the act are Queen Elizabeth II, Bono and even Madonna. Some of Indians include BJP Member of Parliament Ravindra Kishore Sinha, Former corporate lobbyist Niira Radi and the fugitive who keeps escaping the legal bodies Vijay Mallya.
The brains and might of the powerful will always find an escape route instead of paying taxes which the country needs. One example of serious fraud is Harsha Moily who is Veerappa Moily’s son (Veerappa Moily is the Former Union Minister from UPA). The sons company Moksha Yug Access Private Limited received funds from a Mauritian based firm Unitus Impact PCC. Mauritius has been notorious in the part in terms of being a tax haven for the ultra-rich from India.
Celebrities in India who are supposed to be role models to the future of India, have been caught in the Paradise Papers too. Sanjay Dutt’s wife Manyata, held several positions in Bahamas registered firm Nasjay Company Limited.
Paradise Papers is rightly named, these ultra-rich are living the paradise life but in the cost of the country. It is about time that the powerful who misuse their power get caught in their games in terms of financial tax haven usage.