The Indian Express investigation team, led by Executive Editor Ritu Sarin, has meticulously crossed the ts and dotted the is for eight months before revealing the list of Indian names that featured in the #PanamaPapers.
Over 11 million leaked documents revealed that a Panama law firm, Mossack Fonseca, helped more than 500 Indians to set up offshore companies in tax havens around the world.
The Indian Express investigation team, led by Executive Editor Ritu Sarin, has meticulously crossed the ts and dotted the is for eight months before revealing the list of Indian names that featured in the PanamaPapers.
Here are the reactions of those named in the list:
RESPONSE: K P Singh, responding on behalf of the family, said: “It is submitted that the permissible modus operandi of RBI for remittance of money under permissible LRS limit each year allows a Resident Indian to firstly open a bank account in a foreign bank and thereafter remit the funds in it. The remittances commenced in 2004 after RBI announced the LRS, the quantum of remittances were within the prescribed limits, and undertaken through the Authorised Dealer. “It is evident from the conduct of our foreign LRS bank accounts that the accumulated money was lying in the accounts for many years without being invested anywhere. The actual fact is that the subscription towards the shares of an existing foreign company were made from the accumulated bank balance existing in out foreign bank account (LRS Accounts). “The actual remittance/s from India never exceeded the permissible LRS limit. The investments made by us related to subscription of shares of an existing foreign corporate entity which was not set up by us. Instead, this foreign corporate entity was set up by foreign nationals. No such action had ever been taken by us for setting up/ incorporation of a foreign corporate body.
RESPONSE: Amitabh Bachchan and family did not respond to repeated emails sent to them and phone calls made to their mobile numbers, Mumbai residences and the AB Corporation office for over a week. An AB Corp executive confirmed receipt of the email from The Indian Express on March 28.
RESPONSE: Archana Sadanand, the media advisor to Aishwarya Rai, said: “What is this consortium (ICIJ) and what does it do? Is this an authorised entity and how do we know that the information they get is authentic? All information that you have is totally untrue and false.
– See full story at Indian Express