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

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

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

What is the 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. The documents comprised financial information about prominent personalities who have paid the company and used the investment for illegal purposes such as tax evasion and evasion of international sanctions.

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

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

Celebs named in the Panama Papers leak

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

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

1. Aishwarya Rai Bachchan

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

2. Amitabh Bachchan

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

3. Ajay Devgn

Actor Ajay Devgn's name featured in Panama Papers leak as the largest shareholder of Marylebone Entertainment Ltd located in the British Virginia Islands. As of October 29, 2013, the original shareholder of the firm was London-based Hassan N Sayani. Devgn allegedly bought the entire shareholding the same day and later told an Indian publication that the 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 the norms and allowed Indians to buy shares in foreign companies. However, it never allowed citizens to set up companies abroad. As per the leaked Panama papers, most of the offshore companies set up by Indians were established much before 2004.