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500 Indians, 700 Pakistanis named in Pandora Papers

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The Pandora Papers investigation Sunday unveiled how the world's wealthy hide their money and assets from authorities, their creditors and the public using a network of lawyers and financial institutions that promise secrecy.

Tellingly, the Pandora Papers list the names of 500 Indians and 700 Pakistanis making India as having sixth and Pakistan seventh in ranking.

Pandora Papers leak includes several prominent Indian names, including cricketing legend Sachin Tendulkar and Anil Ambani, the beleaguered brother of India's richest person.

Cricketing legend Sachin Tendulkar had reportedly set up a firm way back in 2007, which was liquidated in 2016, valued at roughly $8.6 million.

Fugitive Nirav Modi's sister, Purvi Modi, set up a trust in the British Virgin Islands a month before he fled in January 2018. She has been named accused in a $2 billion money laundering case filed against Nirav Modi and Mehul Choksi. Nirav Deepak Modi is a fugitive Indian businessman, charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract in August 2018.

Corporate lobbyist Nira Radia has reportedly set up a dozen firms, conducting her offshore transactions through Sanjay Newatia, a former Credit Suisse banker.

A Gandhi family friend and former Congress leader, Satish Sharma set up a trust in 1995 when he was the Petroleum and Natural Gas minister. He also set up another trust in 2015 when he was a Rajyasabha member.

700 Pakistanis named in the Pandora Papers

The Pandora Papers, an investigation uncovering financial secrets held by high-profile individuals across the world, includes the names of more than 700 Pakistanis, it has emerged.

Most prominently these include Minister for Finance Shaukat Tarin, Minister for Water Resources Moonis Elahi; Senator Faisal Vawda; Ishaq Dar's son, Ali Dar; Pakistan Peoples Party's Sharjeel Memon, the family of Minister for Industries and Production Khusro Bakhtiar; Pakistan Tehreek-e-Insaf leader Abdul Aleem Khan; among others, with alleged links to offshore companies.

Some retired army officials, businessmen including Axact's CEO Shoaib Sheikh and media company owners, have also been named in the papers.

The Panama Papers were based on the data of a Panama-based law firm called Mossack Fonseca that revealed offshore holdings of 140 politicians, public offshore and sports stars. Those documents were obtained by the German newspaper, Suddeutsche Zeitung, which contained records dating back 40 years.

By comparison, the Pandora Papers investigation is bigger in size and revelations about politicians and public officials are also far more than what previously came to public attention.

From Pakistan, there were more than 400 individuals who surfaced in the Panama Papers.

Imran Khan says govt will investigate all citizens mentioned in Pandora Papers

Shortly after the International Consortium of Investigative Journalists (ICIJ) on Sunday unveiled "Pandora Papers" a major international research into the financial secrets held by high-profile individuals around the world Prime Minister of Pakistan, Imran Khan, said his government would investigate all citizens mentioned in the report.

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Author and journalist. Author of Islamic Pakistan: Illusions & Reality; Islam in the Post-Cold War Era; Islam & Modernism; Islam & Muslims in the Post-9/11 America. Currently working as free lance journalist. Executive Editor of American (more...)
 
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