Realty sector businessman and founder of Mumbai-based Hiranandani Group Niranjan Hiranandani and some of his family members were beneficiaries of a Trust with assets worth over $60 million, according to a report by The Indian Express.
Pandora Papers shows that Hiranandani was the “reserve director” in firms set up by his Dubai-based son Darshan Hiranandani in the British Virgin Islands (BVI).
Records of Trident Trust Company revealed that Darshan set up at least 25 companies as a director and The Solitaire Trust as the settlor in the BVI between 2006 and 2008, the publication reported.
“It is my personal trust that has built up assets since 2007. Any money routed to the trust is money sent by me,” Darshan Hiranandani said.
The government will be investigating every Indian name appearing in an unprecedented leak of financial records, known as the Pandora Papers, which alleged that many world leaders have secret offshore stores of wealth.
A Multi-Agency Group made up of the tax department, Enforcement Directorate, RBI and FIU, will probe the names and the government will seek from foreign jurisdictions information about Indians in the list, CBDT said in a statement.
Anil Ambani, Vinod Adani, Jackie Shroff, Kiran Mazumdar-Shaw, Niira Radia, Sachin Tendulkar and Satish Sharma are the other Indians who figure in the Pandora Papers that comprise 11.9 million confidential documents from 14 separate legal and financial services firms.
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Published 06 October 2021, 11:26 IST