This might become one of the biggest leaks of all time surpassing Swiss Leaks as well! Read on...
In the wake of April 4, the first news that caught our attention was about the Panama Papers which has over 500 Indians involved. Among the 500 Indians whose names have been recorded by The Indian Express newspaper, prominent Bollywood celebrities Amitabh Bachchan and Aishwarya Rai Bachchan are also involved. An eight month long investigation done by a team from The Indian Express along with collaborations from various other media overseas, this news has broken out. Now a lot of questions have been raised over what is Panama Papers all about. So here's a guide to what it's all about and who all are involved and the consequences of the leaks.
What is Mossack Fonseca?
It is a Panama based law firm that deals mainly in incorporating offshore jurisdiction such as British Virgin Islands. They also handle wealth management. The company has been alleged to help foreign citizens circumvent their local taxes and have also been involved in a lot of tax evasion schemes and money laundering. Being located in Panama, a tax haven, the firm has helped foreign citizens hide their black money and to evade taxation.
How big is this leak?
Being one of the world's fourth largest provider of offshore services, Mossack Fonseca has acted for more than 300,000 companies. The fact that it is located in a tax haven country, the companies registered are mostly in British-administered tax havens. The leak has prominent names from all over the world and this clearly is a leak bigger than Swiss or Wiki leaks!
How are Amitabh Bachchan and Aishwarya Rai Bachchan involved in this?
According to The Indian Express newspaper, it has been reported that out of 500 Indians registered with Mossack Fonseca, even Amitabh Bachchan and Aishwarya Rai Bachchan's names and documents regarding the same have been found. Amitabh and Aishwarya were involved with the Panamian firm before the foreign investment regulations were altered in India by the RBI.
How big a trouble are the Bachchans involved in? What do you think? Tell us in the comments section below!
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