New Delhi: A massive leak of 11 million confedential tax related documents, dubbed as the Panama Papers, from one of the world's most secretive law firms- Mossack Fonesca, has exposed the off-shore financial dealing of over 500 Indians including Amitab Bachchan, Aishwarya Rai Bachchan, Indiabulls owner Sameer Gehlaut, DLF owner KP Singh and Vinod Adani.
An extensive investigation carried out by a coalition of journalists, International Consortium of Investigative Journalists (ICI) in collaboration with 107 media outlets across over 70 countries, including The Indian Express, revealed the hidden assets of over 140 political figures besides, business men, sports figures and celebrities.
The Indian Express says that in its eight-month-long investigation of over 36,000 files has revealed names of over 500 Indians on the firm’s list of offshore companies, foundations and trusts.
The English daily says that it has checked the authenticity of over 300 addresses.
The investigation has also revealed the names of a dozen current or former heads of state including Chinese President Xi Jinping, Pakistan Prime Minister Nawaz Sharif and the king of Saudi Arabia.
The investigation also alleges that two close aids of Russian President Vladimir Putin secretly shuffled nearly $2 billion through banks and other off-shore companies.
Though, its not clear who leaked the list of Panama-based firm to the German daily Sueddeutsche Zeitung, which shared it with ICIJ, the organization alleges that most of the dealings are legal.
Mossack Fonesca is a Panama-based law firm, whic specializes in commercial law, trust services, investor advisory and international structures and is allegedly known to help foreign citizens circumvent their local tax laws.