Mossack Fonseca, the controversial law firm at the centre of the tax haven scandal exposed by the Panama Papers data leak, allegedly outsourced its off-shore transactions following its closure to a network of companies linked to an Indian citizen based in Kerala, according to a report by The Indian Express.
The Enforcement Directorate (ED), the Financial Intelligence Unit (FIU) and the Income Tax (IT), have been tracking chartered accountant Mathew George who signed an agreement with the company. George has allegedly been doing "third-party collections" for Mossack Fonseca and its clients since then.
According to the report, George's residence and his office were searched by ED on April 22. The report stated that evidence on his computers revealed the scale of his links with Mossack Fonseca. The investigating agency reportedly found a master list of 599 clients of Mossack Fonseca with details of payments being made via bank accounts of one of four companies registered by George.
These companies are: Star Sight General Contracting LLC; Star Sight Trading Limited; Samag Resources Ltd (all in UAE); and M&A Resources Ltd (Hong Kong).
According to an investigation by The Indian Express, as many as 489 records are linked to George, a large volume of which are copies of bank transactions with Mossack Fonseca clients.
The records include an "out sourcing agreement" between George and Mossack Fonseca's representatives signed on July 6, 2016.
Mossack Fonseca was forced to shut down in 2018 after its involvement in the tax haven scandal was exposed following the leak of its 11.5 million internal records investigated by a global consortium.
Published 25 July 2023, 10:54 IST