More than 300 Indian names revealed by Oxfam under Offshore Dealings

Washington – Shocking the lives of many, Pandora Papers leak prominent Indian names, including cricketing legend Sachin Tendulkar and Anil Ambani being involved in the offshore dealings.

More than 300 Indian names have been spotted in the leak. It is considered to be one of the biggest revelations since 2016, which back then had rocked the world with its investigation.

It is worth pointing out that while many of these investments routed through offshore firms are done with the objective of tax avoidance and maintaining secrecy, some of them are legitimate and declared to the relevant authorities in India.

Indian eminent personalities such as Nita Ambani, Nirav Modi, and Kiran Mazumdar-Shaw too are found being involved in the illegal dealings.

Amitabh Behar, who is the CEO of Oxfam India, mentioned that this shocking expose of the oceans of money sloshing around the darkness of the world’s tax havens must prompt immediate action, as has long been promised. 

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He further added that whenever a politician or business leader claims there is ‘no money to pay for health, education, climate damage, innovation and for a fair post-Covid recovery, they know where to look now.

However, the CEO and Director of the Sachin Tendulkar Foundation states that all these investments are legitimate and declared in Tendulkar’s tax returns but traces of unrecorded money has also been observed in the process.

A tax expert states that at the moment what needs to be ascertained is whether a particular trust is owning property or wealth, and is distributing income, which as not ill-gottened. Even though it says that global investigation provides an unequalled perspective on how the rule of law has been “bent and broken” around the world by a system of financial secrecy enabled by wealthy nations still it cannot undo the fact that names of 300 Indians have been found in the unlawful money laundering activity.