What is Panama Paper's case? List of Bollywood actors named in global tax leak scam

Bollywood actress Aishwarya Rai Bachchan appeared before Enforcement Directorate (ED) on Tuesday for questioning in connection with 2016 'Panama Papers' global tax leaks case. Aishwarya Rai, 48, daughter-in-law of superstar Amitabh Bachchan, joined ED probe in Delhi after skipping summon twice.

economic intelligence agency has been probing case since 2016 when global leaks came to light. It later issued notices to members of Bachchan family, asking m to explain ir alleged illegal foreign transactions since 2004, under Liberalised Remittance Scheme (LRS) of Reserve Bank of India. 

What is Panama Papers Case?

Over 11.5 million documents containing explosive details of about 2,14,488 offshore entities of a Panamanian law firm ‘Mossack Fonseca’ were leaked in 2015. documents comprised financial information about prominent personalities who have paid company and used investment for illegal purposes such as tax evasion and evasion of international sanctions.

An anonymous whistleblower named ‘John Doe’ h leaked documents to a German journalist Bastian Obermayer bringing illegal transactions to light. 

massive leak h uncovered secret offshore dealings of world leers and celebrities including aides of Russian President Vlimir Putin and football legend Lionel Messi.  names listed in leaked Panama Papers comprise 12 world leers, 128 public officials, and politicians from over 200 countries.

Celebs named in Panama Papers leak

As per a report, over 500 Indians are associated with 'Mossack Fonseca’ firm, and over 230 Indian passports, that were deposited as part of formality to company, have been seized by ED. Among many names listed in Panama Paper's scam are Bollywood celebrities Amitabh Bachchan, Aishwarya Rai, and Ajay Devgn.

Here’s a look at names of Bollywood celebrities that cropped up in such investigations over years.

1. Aishwarya Rai Bachchan

MF documents showed that Aishwarya and her family members were appointed as directors of Amic Partners Limited that h an initial 'authorized' capital of $50,000 - a tax haven, for at least three years. company eventually dissolved in 2008, prior to which, her position was altered to being a shareholder of company. Her involvement with foreign company was revealed in Panama Papers leak.

2. Amitabh Bachchan

It was revealed that megastar Amitabh Bachchan was appointed as Director of four offshore shipping companies - one in British Virgin Islands and ors in Bahamas.  leaked Panama Papers showed that capital of se companies set up in 1993, reportedly ranged between just $5000 to $50000 but y tred in ships that were worth millions of dollars.

3. Ajay Devgn

Actor Ajay Devgn's name featured in Panama Papers leak as largest shareholder of Marylebone Entertainment Ltd located in British Virginia Islands. As of October 29, 2013, original shareholder of firm was London-based Hassan N Sayani. Devgn allegedly bought entire shareholding same day and later told an Indian publication that company was set up in legally, in accordance with RBI guidelines.

Till 2003, no Indian citizen was allowed to set up an overseas entity, but in 2004, RBI liberalized norms and allowed Indians to buy shares in foreign companies. However, it never allowed citizens to set up companies abro. As per leaked Panama papers, most of offshore companies set up by Indians were established much before 2004.