India\u2019s own \u2018Panama papers\u2019 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\u2019s biggest corporates and several high-net-worth individuals (HNWIs).<\/p>\n
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\u2019s 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.<\/p>\n
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 \u2018Desai Papers\u2019 are on the lines of the \u2018Panama Papers.\u2019 The Panama Papers relate to a Panama-based tax firm\u2019s involvement in helping companies and HNWIs in avoiding taxes by floating companies in tax havens.<\/p>\n