The Panama Papers are 11.5 million leaked documents containing a detail information about financial and attorney client information of more than 214,488 offshore entities. The leaked documents were created by Panamanian law firm and corporate service provider Mossack Fonseca.
The Panama Papers affair has widened, with a huge database of documents relating to more than 200,000 offshore accounts. They show how wealthy people use offshore firms to evade tax and avoid sanctions.
The papers belonged to Panama based law firm Mossack Fonseca and were leaked by a source simply known as "John Doe". Last week, it issued a "cease and desist " order to prevent the database being made public, but the organization that has the documents, the International consortium of incestigation (ICIJ), went ahead.
Also read: BJP-led NDA orders probe into Indians involved in Panama Papers
Nearly 30 companies, registered in Hyderabad and other areas of Telangana, including BHEL, MIG, Ramachandrapuram and Visakhapatnam in Andhra Pradesh are mentioned in Panama papers.
Most of the addresses, when verified, were found to be ordinary residential houses. For instance, one of the addresses in BHEL MIG phase 2, when verified, turned out to be the residence of an advocate. It is the registered address of the China-based company “Zhao Zhi Jun”, which is in turn linked to a British Virgin Islands company.
The Panama Papers named industrialists are K. Krishna Mohan Rao, V. Malla Reddy, M. Kameswara Rao, P. Surender Reddy, Moturi Srinivas Prasad, Volam Bhaskar Rao, Koneru Madhu and Jaya Kumar Bhavanasi from AP, TS and Chennai as having offshore companies.
Mayuka
