Paradise Papers live updates: More Indian corporates figure in leaks as govt calls for action

Paradise Papers live updates: The largest ever financial data leak reveals how Appleby and Asiaciti Trust helped the rich and powerful move their money abroad.

Finance Minister Arun Jaitley on Monday ordered an enquiry into the Paradise Papers, a day after the first set of documents was released by The Indian Express in collaboration with the International Consortium of Investigative Journalists (ICIJ) and German newspaper Suddeutsche Zeitung. The Paradise Papers, the largest ever financial data leak, reveals how two firms, Bermuda’s Appleby and Singapore’s Asiaciti Trust helped the rich and powerful across the world move their money abroad.

Jaitley, speaking to The Indian Express, had said secrecy has been smashed after the expose. “(The publication) was a great development because it shows that (now) nothing remains a secret. The worldwide publication also shows that those who think they are indulging in what they think are undercover financial transactions are highly mistaken,” he said.

Read | Biggest data leak reveals trails of India’s corporates in global secret tax havens

Paradise Papers LIVE updates

2.12 pm: We’ve compiled a list of the all Indians who have been named in the Paradise Papers so far. From Vijay Mallya to Karti Chidambaram, click to see who’s on the list.

2.00 pm: Another name in Appleby records is Angad Paul, the son of UK-based business magnate Lord Swaraj Paul. Before falling to his death in 2015, Angad had taken the Mauritius route to invest in India, primarily in the wind energy sector. Read: Late Caparo scion took Mauritius route to harness India wind energy

11.45 am: Paradise Papers reveal that Raghav Bahl’s Network 18 Group had links with four offshore entities — three of which have been listed in balance sheets by the company as subsidiaries. When Bahl was director he also handled the affairs of the two other offshore companies and submitted applications with Appleby for their de-registration.

11.30 am: We’ve compiled an index of all of The Indian Express’ stories on the Paradise Papers to help you: Here are all the stories

11.22 am: In case you’re wondering what the Paradise Papers are, why it’s important and how it’s different from Offshore Leaks (2013), Swiss Leaks (2015) and Panama Papers (2016), we have a detailed explainer for you: Why Paradise Papers matter

11.10 am: Meanwhile, the government on Monday, for the first time, revealed that an undisclosed wealth of Rs 792 crore was detected after The Indian Express published Panama Papers. The investigative series, reported in April 2016, was based on data of offshore entities set up by Panamanian law firm Mossack Fonseca for over 500 Indian nationals.

10.50 am: From Zee to Veria via offshore companies: This complex web of transactions show how the Essel Group, promoted by Subhash Chandra, pledged promoter shares of Zee Entertainment to raise funds to repay debts of a venture owned outside its umbrella. Confused? We break it down for you.

10.40 am: Appleby called the Hinduja brothers “some of the most powerful” in the world. According to its records, the Hinduja Group, with revenues of over $25 billion and employing 100,000-plus people, utilised a “trust” structure to waive over $78 million in debt to a group holding company.

10.08 am: What’s the connection between between Kalanidhi Maran’s company, Sun Direct, Malaysian firm Astro and NDTV News Ltd? Click here to find out.

Paradise Papers part II: Other Indian company owners in the list

9.36 am: Revealed in Paradise Papers part II: the Khemkas of the SUN Group is the Indian family with the largest number of offshore entities, according to Appleby records. The family, led by Nand Lal Khemka, has at nearly 100 entities, mostly in the British Virgin Islands and New Jersey. Read the entire story here.

9.30 am: Welcomes to our live blog. Following part II of the Paradise Papers, published this morning in The Indian Express, we are tracking all the reactions, updates and news.

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