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After Pakistan Prime Prime Minister Nawaz Sharif stepped down due to Panama papers case, the Indian establishment has swung into action against names that appeared in the case. A top-level Income tax officer has been dispatched to the British Virgin Islands to access information about names that emerged in the papers including Bollywood superstar Amitabh Bachchan. The income tax department is "aggressively" pursuing names that emerged in the Panama Papers, reports Times of India. The tax department has launched 33 prosecutions linked to the names revealed in the Panama Papers and is probing others.
Names of several film stars, politicians and businessmen figured in the so-called Panama Papers. Bachchan has denied any wrongdoing, and has said that his remittances overseas were in line with Indian regulations. He has also denied any links with the firms named in the Panama Papers. "Some of the accounts which were revealed are also genuine and those named have come forward to give details. It is a long-drawn process of seeking information," said the official.
Panama Papers are leaked documents from a Panama-based law firm - Mossack Fonseca, which has offices in 35 countries. It has 11.5 million documents, involving 2,14,000 offshore entities covering a time period between 1977 and 2015. The Panama Papers reveal names of 140 political figures from 50 countries with links to offshore accounts. These include 12 current or former heads of state as well as sportspersons, administrators and 29 billionaires from the Forbes rich list.
India has joined a global task-force on shared intelligence and collaboration to pursue progress on the Panama Papers investigations.
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