As the Pandora papers hit headlines around the world, the global elite has experienced shockwaves as millions of dollars in investments, many of which are suspicious and made for tax avoidance, have been revealed. In addition to politicians and sports stars, the list also includes royal personalities. The Pandora papers mention the names of more than 300 Indian individuals, Indian Express reports. Here are a few of the high-profile names that have been made public so far.
Sachin Tendulkar
The leak has entangled the legendary cricketer’s name. It is alleged that Sachin and members of his family were beneficiaries of an offshore company incorporated in the British Virgin Islands. These assets were liquidated after the Panama papers were leaked in 2016. A hefty USD 8.6 million was reportedly seized from these assets. According to media reports, the CEO of the Sachin Tendulkar Foundation said all investments were legal and legitimate.
Anil Ambani
Anil Ambani, the business tycoon who runs Reliance Anil Dhirubhai Ambani Group (ADAG), has also been mentioned. In an article published by Indian Express, it is reported that Ambani and ADAG Group representatives own at least 18 offshore corporations in Jersey, the British Virgin Islands (BVI), and Cyprus. In UK courts, Anil Ambani declared bankruptcy and claimed that he was worth zero. Anil Ambani made the declaratory judgment in February 2020 while he was disputing three Chinese banks. The court expressed skepticism over the judgment.
Biocon Founder Kiran Mazumdar-Shaw
It has been reported that the biotech entrepreneur is linked to her husband John McCallum Marshall Shaw, who has come to prominence. The British citizen who set up the trust and a key person around it were both barred by India’s Securities and Exchanges Board (Sebi) for insider trading in July 2021. The person in question, Kunal Ashok Kashyap, was the ‘Protector’ of The Deanstone Trust, an entity established in New Zealand in July 2015 by Mauritius-based Glentec International, the ‘Settlor’. The regulatory authorities were unaware of this.
Fugitive jeweller Nirav Modi’s sister
Purvi Modi, sister of fugitive jeweller Nirav Modi, reportedly set up a company in the British Virgin Islands. In January 2018, Nirav Modi fled India and founded the Trident Trust Company, Singapore, which served as the corporate protector of another trust. Nirav Modi is wanted in connection with the Punjab National Bank fraud.
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Jackie Shroff
According to Pandora papers, Jackie Shroff is the primary beneficiary of a trust set up by his mother-in-law in New Zealand. It has a Swiss bank account. The trust also owns an offshore company registered in the British Virgin Islands.
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