‘Paradise papers’ tremor in world wide Billionaires

After the Panama Papers commotion, Now International Consortium of Investigative Journalists (ICIJ)  published ‘Paradise papers’ which created tremor in world wide Billionaires. Britain’s Queen Elizabeth, and American Finance Minister Welber Ross, and many Indian Billionaires are in the list.

Nearly 714 Indian Billionaires and hundreds of companies are in the tax evaded list. In the papers they explained about how they moved their properties in countries like Bermuda and Cayman Islands to evade taxes. The International Consortium of Investigative Journalists (ICIJ), which has conducted a trial of 96 newspapers in various countries, has released a total of 1.3 crore documents. They also allotted ranking for 180 countries based on the illegal property holders in which India have been ranked in the 19th place.

ICIJ also leaked Panama papers in the past! These documents were drawn from the ‘Appleby’ law firm in Bermuda, and from Asian City Companies in Singapore. These two institutions helps in transferring properties to abroad. Nandlal Khemka, an Indian trader, has found a total of 118 companies operating in ‘Appleby’.

Union Air Force Minister Jayant Sinha, BJP MP RK Sinha and Bollywood actor Amitabh Bachchan, AP Opposition leader Jagan Mohan Reddy also appeared in Paradise Papers. Corporate lobbyist Neera Radia and Sanjay Dutt’s wife Maanthi also accumulated assets in abroad. But all of these member stated that they did not commit any irregularities and that their calculations were all right.

Indians are second place in ‘Appleby’ firm. Exactly on Novermber 8 Prime Minister Narendra Modi announced demonetization to take out black money. And the government has announced Novermber 8 as ‘anti-black money day’. In the case, the scandal emerges creating vibrant storms

The market regulator SEBI has announced that it will investigate on paradise papers and be Indian corporate houses and entrepreneurs in the list.

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