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Paradise Papers leak on money in tax havens before Indian govt celebrates Anti-Black Money Day

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Paradise Papers leak on money in tax havens before Indian govt celebrates Anti-Black Money Day

[vc_row][vc_column][vc_column_text]Two days before Narendra Modi government celebrates the first anniversary of demonetisation as Anti Black Money Day, India has emerged as the 19th out of 180 countries figuring in the Paradise Papers leak of offshore accounts in tax havens across the globe.

The names include prominent politicians and public figures and the latest revelations are said to be more serious than the April 2016 Panama Papers leak. While that leak had led to two heads of governments in other countries – Pakistan’s Nawaz Sharif and Iceland’s prime minister Sigmundur David Gunnlaugsson – losing their office, in India the matter is taking its own arduous course.

The papers name 714 Indian entities, and India’s Sun Group, which has as many as 118 offshore entities, is the second largest client of Appleby, the Berumda-based firm where majority of the records investigated are from.

There are also thousands of documents on India’s GMR Group that show an alleged attempt to avoid tax through a network of 28 offshore entities set up by Appleby.

Minister of State Jayant Sinha’s name also features in the Papers because of his past association with the Omidyar Network. There are records of offshore companies linked to BJP Rajya Sabha MP and founder of Security and Intelligence Services (SIS) RK Sinha.

Appleby’s files also revealed that when former Indian liquor magnate Vijay Mallya, who is on the run from Indian authorities at the moment, sold his United Spirits Limited India to Diageo, the latter approached a London-based law firm to implement a massive restructuring exercise aimed at simplifying the complex corporate structure Mallya had created. The documents go on to reveal that close to USD 1.5 billion of USL Holdings’ loans, which were funnelled into four subsidiary companies in the form of debt, were waived off by Diageo.

The papers, according to the report, also reveal names of Indian firms already under investigations by Central Bureau of Investigation (CBI) and the Enforcement Directorate’s (ED) in relation to various cases. Firms involved in the Sun-TV-Aircel-Maxis case, Essar-Loop 2G case, SNC-Lavalin Kerala hydroelectric scandal (which involved the now-acquitted Kerala Chief Minister Pinarayi Vijayan), and the Rajasthan ambulance scam under the CBI.

Prominent Indian corporates in the Appleby database include GMR Group, Jindal Steel, Apollo Tyres, Havells, Hindujas, Emaar MGF, Videocon, the Hiranandani Group and D S Construction.

Other leading personalities from India named in the report are veteran actor Amitabh Bachchan and corporate lobbyist Niira Radia, who figured in the Panama Papers leak in April 2016 and are in this list as well. Movie star Sanjay Dutt’s wife Manyata also features under her former name Dilnashin. The Indian Express reports that she held positions in a company registered in the Bahamas. A spokesperson for Manyata said the necessary disclosures were made to the income tax authorities.

 

Among the politicians, apart from the two Sinhas from BJP, there are names of Congress leaders as well.

The Indian Express report said a company registered by Appleby Mauritius had invested in an Indian firm that is at the centre of an investigation by the CBI and the Enforcement Directorate in connection with the Rajasthan Ambulance “scam”. One of the founders of the firm is Ravi Krishna, son of Congress leader and former Union minister Vayalar Ravi, who is also one of the founders of the company. A police complaint had earlier named former Rajasthan chief minister Ashok Gehlot, former finance minister P Chidambaram’s son Karti, and former Union minister Sachin Pilot.

The documents have revealed fresh financial links in the ongoing CBI case involving YSR Congress Chief YS Jagan Mohan Reddy, who was earlier in trouble in connection with disproportionate assets, the newspaper report said.

In addition to Vayalar Ravi, M Veerappa Moily is the other UPA minister in the limelight in connection with the Paradise Papers. According to The Indian Express, Moily’s son Harsha started a firm which received investments from subsidiaries a company linked to tax havens. Veerappa Moily was the Union minister for Corporate Affairs at the time.

NOTE: ICIJ, which sifted through the data, published the following disclaimer with regards to information provided: “There are legitimate uses for offshore companies, foundations and trusts. We do not intend to suggest or imply that any persons. companies or other entities included in the list have broken the law or otherwise acted improperly.”[/vc_column_text][vc_column_text css=”.vc_custom_1509974956858{padding-top: 5px !important;padding-right: 5px !important;padding-bottom: 5px !important;padding-left: 5px !important;background-color: #a2b1bf !important;border-radius: 5px !important;}”]Media reports said markets regulator Sebi will look into alleged fund diversion and corporate governance lapses at various listed firms and their promoters, including those linked to Vijay Mallya, named in the leaked ‘Paradise Papers’. While some entities linked to Mallya are already being probed by Sebi and other agencies, any fresh disclosure in the leaked documents made public by ICIJ (International Consortium of Investigative Journalists) would be thoroughly looked into, senior officials said.

The disclosures about other listed firms and those associated with them or their promoters would also be looked into for any irregularities including about corporate governance and disclosure norms, the officials added. According to reports, officials maintained that mere presence of any Indian entity in an offshore tax-friendly jurisdiction may not amount to violation of laws, but non-disclosure about such entities and routing of funds to them could be ascertained only after a thorough investigation.[/vc_column_text][vc_column_text css=”.vc_custom_1509974910839{padding-top: 5px !important;padding-right: 5px !important;padding-bottom: 5px !important;padding-left: 5px !important;background-color: #a2b1bf !important;border-radius: 5px !important;}”]

Unfazed by its leaders being named in the report, Congress hit out, demanding MoS for Civil Aviation Jayant Sinha’s resignation and registering a case against him.

Congress national spokesperson Randeep Surjewala said, “The Paradise Papers raises serious conflict of interest questions against Sinha. The government should order a probe and register an FIR against him.”

Before he was elected Lok Sabha MP from Hazaribagh in Jharkhand in 2014 and became a MoS at the Centre, Sinha was the managing director of Omidyar Network in India. Omidyar Network invested in a US company D.Light Design that has a subsidiary in the Cayman Islands. Records of offshore legal firm Appleby show Sinha served as director of D.Light Design, which he did not mention this in his declaration to the Election Commission, nor to the Lok Sabha Secretariat or the Prime Minister’s Office in 2016.

In response to the report, Jayant Sinha issued a statement: “Full details have been provided to Indian Express. These were bonafide and legal transactions undertaken on behalf of highly reputed world-leading organisations in my fiduciary role as Partner at Omidyar Network and its designated representative on the D.Light Board. All these transactions have been fully disclosed to relevant authorities through all necessary filings as required. After leaving Omidyar Network, I was asked to continue on the D.Light Board as an Independent Director. On joining the Union Council of Ministers, I immediately resigned from the D.Light Board and severed my involvement with the company. It is crucial to note that these transactions were done for D.Light as an Omidyar representative, and not for any personal purpose.”

SIS founder and BJP MP Ravindra Kishore Sinha went on a ‘maun vrat’ (vow of silence) for a week.

Meanwhile, Surjewala questioned why the government had not made public the names of people who had stashed money abroad. “The Modi government has taken no action to unearth black money stashed abroad in 41 months. They have also so far not made public names of those who have stashed black money abroad,” he said.

When asked about the names of Sachin Pilot and son of minister Vayalar Ravi coming up in the Paradise Papers related to the Rajasthan ambulance scam, he said, “CBI and ED probe has already been initiated against Sachin Pilot. Will the government order probe against all those in the list.”[/vc_column_text][vc_column_text css=”.vc_custom_1509974315647{padding-top: 5px !important;padding-right: 5px !important;padding-bottom: 5px !important;padding-left: 5px !important;background-color: #a2b1bf !important;border-radius: 5px !important;}”]International personalities:

Former Pakistan prime minister Shaukat Aziz figures in a new trove of data leaks on offshore dealings, about 18 months after the Panama Papers listed Nawaz Sharif for graft and money laundering charges that cost him his premiership.

Aziz, 68, served as Pakistan’s prime minister from 2004 to 2007.

Aziz was reported to be linked with Antarctic Trust, which was set up by him, and includes his wife, children and granddaughter as beneficiaries. Aziz had set up the trust in the US state of Delaware before becoming finance minister in 1999. He was working for financial giant Citibank at the time. The trust was not declared at any point during his stint as the finance minister or the prime minister.

The Papers revealed that US President Donald Trump’s Secretary of Commerce Wilbur Ross, who is also a billionaire, holds a stake in a shipping company called Navigator, which operates a lucrative partnership with Sibur, a Russian gas company part-owned by Vladimir Putin’s son-in-law Kirill Shamalov.

Ross’s ties to Russian entities raise questions over potential conflicts of interest, and whether they undermine Washington’s sanctions on Moscow. A Commerce Department spokesman denied any wrongdoing on Ross’ part, said media reports.

The Paradise Papers have exposed investments of a Russian firm in social networks Twitter and Facebook along with scores of other smaller transactions of similar nature.

The Paradise Papers also revealed that as much as £10 million of Queen Elizabeth II’s private money was invested offshore, in the Cayman Islands and Bermuda, through the Duchy of Lancaster, which is one of the sources of revenue for the crown and is responsible for handling investments on behalf of the Queen’s £500 million private estate.

It was also revealed that Canadian Prime Minister Justin Trudeau’s top fundraiser and senior advisor Stephen Bronfman, heir to the Seagram fortune, moved some $60 million to offshore tax havens with ex-senator Leo Kolber.

Three former Canadian prime ministers – Brian Mulroney, Paul Martin and Jean Chretien –have also been linked. Huffington Post quoted the Canadian Revenue Agency as saying it will investigate any evidence that crops up against Canadian nationals in the Paradise Papers.[/vc_column_text][/vc_column][/vc_row]

India News

Justice Yashwant Varma case: Supreme Court orders in-house probe after transfer to Allahabad HC

The Supreme Court has ordered an in-house probe into Delhi High Court judge Justice Yashwant Varma after unaccounted cash was found at his residence.

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Supreme Court of India building with cloudy sky background

The Supreme Court has initiated an in-house inquiry following serious allegations against Delhi High Court judge Justice Yashwant Varma. Reports said Justice Varma’s transfer was just the beginning of the process.

The matter came to light during Holi, when a fire broke out at Justice Varma’s bungalow in Lutyens’ Delhi, leading firefighters to discover a large amount of unaccounted cash.

Justice Varma has been transferred to his parent High Court in Allahabad, as per a unanimous decision by the Supreme Court Collegium. However, reports said Chief Justice of India Justice Sanjiv Khanna has sought a detailed report from the Delhi High Court Chief Justice Justice DK Upadhyaya and has briefed fellow judges on the situation.

Depending on the outcome of the investigation, Justice Varma could be asked to resign or face removal through parliamentary procedure under Article 124(4) of the Constitution. Currently, the judge is on leave and has not issued any comment.

The incident that sparked, no pun intended, the probe occurred when a fire at the judge’s home required emergency response. Upon entering the premises, firefighters discovered the cash in a room and informed police. The matter was then escalated to the judiciary, prompting a swift response from the Supreme Court Collegium.

Sources revealed that the Chief Justice of India took the discovery very seriously, leading to the Collegium’s unanimous decision to transfer the judge. Reports indicate that discussions around the judge’s resignation had already begun.

The issue has ignited a broader debate over the integrity of the judiciary and the workings of the Supreme Court Collegium. Senior Advocates Kapil Sibal and Indira Jaising have urged greater transparency in handling such incidents. Sibal emphasized that concerns over judicial corruption have long existed, while Jaising argued for a full and frank disclosure of facts, including the amount of cash recovered.

The matter was brought up in Parliament by Congress MP Jairam Ramesh, who questioned the delay in the matter becoming public. Rajya Sabha Chairperson Jagdeep Dhankhar expressed concern over the delay in disclosure and emphasized the need for a “systemic response” that is transparent and accountable.

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Entertainment

Amaal Mallik urges media to respect privacy after deleting emotional post on family estrangement

Amaal Mallik deleted a personal post detailing his struggles with depression and strained family ties. In a fresh statement, he urged the media not to sensationalise his vulnerability or harass his family.

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Amaal Mallik addresses mental health and family estrangement

Singer-composer Amaal Mallik, known for his work in Bollywood music, has taken down a deeply personal social media post in which he opened up about his clinical depression and a difficult relationship with his family. In a fresh statement issued on Instagram, he addressed the media and public reaction to his earlier post and urged for sensitivity during what he described as a “very tough time.”

In his new message, Amaal Mallik wrote,
“Thank you for the love and support, it truly means a lot, but I would request the media portals not to harass my family.. Please don’t sensationalise and give negative headlines to my vulnerability…It’s a request. It’s taken a lot for me to open up & it is a very tough time for me…I will always love my family, but for now, from afar. Nothing changes between us brothers, Armaan and I are one, and nothing can come between us. Love & Peace.”

The clarification followed the deletion of an earlier post in which Mallik shared that he had been clinically diagnosed with depression. He also revealed that despite composing 126 songs in his decade-long career, he felt undervalued, particularly by his family.

In the now-deleted post, Mallik spoke about strained ties with his brother Armaan, which he attributed to actions by their parents. He indicated that he would be maintaining only professional relations with his family going forward, stating that their behaviour had impacted his mental health and self-esteem.

An excerpt from his deleted post read:
“The journey has been terrific for both of us but the actions of my parents have been the reason we as brothers have gone too far from one another and all of this has made me step in for myself as it has left a very deep scar across my heart. Through the last many years, they have left no opportunity to disturb my well-being and belittle all my friendships, my relationships, my mindset, my self-confidence.”

He further admitted that while he holds himself accountable for his own actions, he felt repeatedly diminished by those closest to him, contributing significantly to his deteriorating mental health.

As the industry and fans react to Amaal’s honesty, the singer has requested that his vulnerability be met with compassion, not sensationalism. His heartfelt appeal seeks to redirect focus toward healing rather than headlines.

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Entertainment

Dhanashree Verma’s new song Dekha Ji Dekha Maine explores betrayal, abuse amid divorce from Yuzvendra Chahal

Choreographer Dhanashree Verma dropped a new song Dekha Ji Dekha Maine that portrays themes of betrayal and domestic violence, coinciding with her divorce from cricketer Yuzvendra Chahal.

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dhanashree9_334832114_752856983171167_470611560094312354_n (1)

Choreographer and influencer Dhanashree Verma released a powerful new music video titled Dekha Ji Dekha Maine on the same day her divorce from Indian cricketer Yuzvendra Chahal was legally granted by a family court in Mumbai. The emotionally charged track, launched under the T-Series banner, highlights themes of betrayal, domestic abuse, and emotional trauma within a royal marital setup.

The video stars Dhanashree alongside actor Ishwak Singh, known for his role in Pataal Lok. Set against a traditional Rajasthani backdrop, the visuals depict Verma as a woman enduring infidelity and physical violence from her husband. One scene shows her character being slapped in public, while another captures the husband engaging intimately with another woman in her presence.

The lyrics, penned by Jaani, cut deep. Lines such as “Dekha ji dekha maine, apno ka rona dekha. Gairon ke bistar pe, apno ka sona dekha” and “Dil tera bacha hai, nibhana bhool jata hai. Naya khilauna dekh ke, purana bhool jata hai” reflect the anguish of betrayal and emotional neglect in a relationship.

Sung by Jyoti Nooran, with music composed by Jaani, the song presents a striking narrative layered with raw emotion. Speaking about her role, Dhanashree said, “This was one of the most emotionally charged performances I’ve been a part of… It demanded a certain level of intensity, and I hope it resonates deeply with the audience.”

The release coincided with her official separation from Yuzvendra Chahal, whom she married in December 2020. As per reports, Chahal has agreed to pay an alimony of ₹4.75 crore as part of the divorce settlement.

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