Paradise Papers: Govt orders multi-agency probe, and other key developments

Finance Minister Arun Jaitley on Monday announced a multi-agency investigation after Paradise Papers sprang up over 700 Indian names

Eighteen months after the famous Panama Papers leak, International Consortium of Investigative Journalists (ICIJ) leaked another massive trove of financial data — Paradise Paperson Sunday. The leak contains 13.4 million secret documents of financial transactions from two leading offshore firms in secret tax havens — Bermuda’s Appleby and Singapore’s Asiaciti Trust.

India ranks 19th in terms of the number of names. From Vijay Mallya to Jayant Sinha, Paradise Papers allegedly reveal offshore dealings of 714 Indian individuals and entities.

Here are key developments in the matter so far

1. Multi-agency probe: Finance Minister Arun Jaitley on Monday announced a multi-agency probe after the revelations made by the Paradise Papers leak. 

2. Agencis that will probe: Multi-agency group (MAG) would be constituted with representatives from the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit. 

3. MAG chief: The investigation will be headed by Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra.  

4. Revelations good for India: “What has happened (the publication of the Paradise Papers) is a very good development for India and this will further encourage cooperation among countries on financial matters at an international level. It is a step towards further Group headed by CBDT with ED, RBI and FIU will probe Paradise Paper's transparency and cooperation,” Arun Jaitley told the Indian Express.

5. Jayan't Sinha's name: Citing conflict of interest, the Congress has demanded the resignation of Union Minister of State for Civil Aviation Jayant Sinha. The Opposition has demanded that the government file an FIR against him.

6. Panama leaks: Panama Paper's probe is said to be on in full swing. About Rs 792 crore worth of undisclosed income has been detected so far, CBDT said according to a report in The Indian Express. 

7. BJP unperturbed: BJP has, however, paid little heed to the Congress' allegations. The party leaders backed the union miniter, saying "Sinha has already clarified that he has not indulged in any wrongdoing and he is right. Moreover, competent agencies have already been authorised to look into the revelations," according to the Times of India.

8. Top names on the list: Bollywood veteran Amitabh Bachchan, actor Sanjay Dutt’s wife Dilnashin Sanjay Dutt aka Manyata, Havells India, Congress MP Sachin Pilot,  BJP's Rajya Sabha MP RK Sinha, Chairman of Fortis-Escorts Dr Ashok Seth, former corporate lobbyist Niira Radia and SUN group founder Nand Lal Khemka are some of the alleged names found on the list of offshore account holders in the Paradise Papers. 

9. Opposition challenging govt: Congress Spokesman Randeep Surjewala asked, "Will the prime minister show the courage of conviction to hand over this entire information to the Supreme Court Bench looking at action against black money holders?" 

10. Sachin Pilot also on the list: On Sachin Pilot’s name figuring on the list, Congress said the ED and CBI are already investigating the Rajasthan ambulance case, the Indian Express reported.