More Indians in Paradise Papers list

More Indians in Paradise Papers list

More Indians in Paradise Papers list

More names and details of individuals and companies based in India have tumbled out of the controversial Paradise Papers since its release three days ago.

Latest tranche of documents publicised by the International Consortium of Investigative Journalists (ICIJ) and its India partner Indian Express showed that several corporates opened offshore entities.

The Paradise Papers runs into 13.4 corporate records contained financial data from two companies in Bermuda (Appleby) and Singapore (Asiatici Trust) and have the names of those linked to powerful people, including United States President Donald Trump. However, the ICIJ said all cases may not be illegal.

The latest disclosures related to India include I P Khaitan (promoter of Loop Telecom), who is claimed to have managed two offshore firms of his brothers-in-law Sashi and Ravi Ruia of Essar Group. The Essar Group has denied any wrongdoings.

Another name in the list is that of Nimmagada Prasad (industrialist), who is investigated by the CBI in connection with cases against YSR Congress chief Y S Jaganmohan Reddy. Prasad and his brother have opened 28 offshore firms in Bahamas, but the former has denied breaking any laws.

ICICI Bank had also taken the advice of Appleby after construction major DS Construction Ltd (DSC) defaulted on a $135 million loan. The issue was settled last year.

Some media houses also figure in the list but all said they had done business according to law of the land.

Meanwhile, BJP MP R K Sinha, whose name appeared in the list, has written to Rajya Sabha Chairman M Venkaiah Naidu demanding initiation of privilege proceedings against Indian Express, claiming it was written to malign him.

Sinha, who had also given advertisements - his letter to Naidu - in newspapers, accused the Indian Express of not prominently carrying reports against Kerala Chief Minister Pinarayi Vijayan and Congress leaders like P Chidambaram and Sachin Pilot, claiming their names were also in the list.