India’s ‘Panama Papers’ on shell firms, tax loopholes gather dust
India’s own ‘Panama papers’ are gathering dust with law enforcement agencies and the Delhi High Court (HC). The 1.5 GB leaked data belongs to the tax consulting firm Nishith Desai Associates and includes controversial tax-related correspondences involving 33 of India’s biggest corporates and several high-net-worth individuals (HNWIs).
A Delhi-based whistle-blower, who is a software engineer, first got the sensational data and communications that could pose serious trouble for corporate houses since it contains disturbing details on how to exploit loopholes in the country’s taxation regime and float shell firms across the world in places like Mauritius, Cayman Islands, British Virgin Islands, Guernsey Island, and Uganda, apparently to avoid taxes in India.
The Pioneer has accessed the 1.5 GB data, which has 33 files with numerous correspondences between Nishith Desai Associates and big corporates and HNWIs. Noted advocate Prashant Bhushan has alleged that the ‘Desai Papers’ are on the lines of the ‘Panama Papers.’ The Panama Papers relate to a Panama-based tax firm’s involvement in helping companies and HNWIs in avoiding taxes by floating companies in tax havens.
