The multi-agency group (MAG) that is currently probing the Panama Papers leak will also look into the Paradise Papers, whose leaks reveal financial holdings abroad that list a number of 714 Indian individuals and entities.
Meanwhile, the Congress has dared Prime Minister 
Narendra Modi to initiate action against the suspected Indian tax evaders who feature in the Paradise Papers leak, including one of his ministers 
Jayant Sinha and BJP Rajya Sabha MP RK Sinha, and put the entire facts before the Supreme Court bench overseeing black money investigations.
The Paradise Papers are a set of 13.4 million leaked financial documents from law firm Appleby on investments of major multi-national corporations (MNCs) and that of well known individuals in India and abroad in tax havens. The German newspaper Suddeutsche Zeitung obtained the documents and subsequently shared them with the International Consortium of Investigative Journalists (ICIJ) and the Indian Express.
WHAT WE KNOW SO FAR:
Sources in the government said the MAG, constituted in April last year to investigate the legality of money stashed in offshore entities by Indians named in the Panama Papers, would probe the latest disclosure made by the International Consortium of Investigative Journalists (ICIJ). The MAG comprises officials from the Central Board of Direct Taxes (CBDT), the Income Tax Department, the Enforcement Directorate (ED), the Financial Intelligence Unit and the RBI among a few others.
The panel will first "go through" the details of income tax returns filed by the 714 Indian individuals and entities named in the Paradise Papers, and subsequently take action on a case-to-case basis, the sources said. "Obviously, notices will be issued once complicity of an individual or entity is established," a senior official told news agency PTI.
The leaked documents from Bermuda-based global offshore law firm Appleby and Singapore-based Asiaciti, published by the ICIJ, revealed offsore investments by the high and mighty across the world. The investments appear among a leak of 13.4 million files from the two firms and company registries of 19 tax havens.
The vast leak of financial papers has details on 180 countries; India ranks 19th in terms of the number of names. The mention of names of the list does not mean that such entities have indulged in stash funds or have generated black money without paying due taxes.
Meanwhile, the Congress has dared Modi to act against the suspects, and demanded the resignation of Union Minister Jayant Sinha. "Will the Prime Minister show the courage of conviction to hand over this entire information to the bench of Supreme Court that is looking at action against black money holders? Will the 'Compromised Bureau of Investigation' (CBI) and ED (Enforcement Directorate) take action?" Congress Spokesman Randeep Surjewala said.
The leaked papers allegedly reveal that Jayant Sinha was a director in a US company D Light Design that has a subsidiary of the same name in Cayman Islands. This subsidiary raised a loan of US$3 million. A loan agreement dated December 31, 2012 was signed with Jayant Sinha as a signatory and a director.
Surjewala said that Jayant Sinha concealed this information of being a director of D. Light Design in his declaration to the Election Commission as also to the Lok Sabha Secretariat and the Prime Minister's Office. He said that Jayant Sinha continued as a director of D. Light Design even after being elected as an MP in May 2014 and "continued to receive money and shares" of D Light Design during this period.
While Jayant Sinha has explained his position through a series of tweets, RK Sinha, when confronted by media, wrote on a piece of paper that he is on a "maun vrat" (vow of silence) for seven days for religious reasons.
Surjewala said that RK Sinha and his wife Rita Kishore Sinha are owners of an offshore company called SIS Asia Pacific Holdings Ltd (SAPHL) in Malta, a tax haven. He further said that another company called SIS International Holding Ltd (SIHL) is incorporated in the offshore tax haven of British Virgin Islands and owns 39,99,999 shares of SAPHL.
The Congress leader said that Prime Minister Modi's "so-called" fight against black money and corruption remains a "complete flop" as it failed to take action in the Panama Papers leak where around 500 names emerged, including those of persons linked to the BJP.
