Pandora: Elite Indians find new ways to ringfence wealth in secret havens

Monday, 4 October 2021Newsdesk

Seven leaks later, after regulators worldwide have begun cracking down on global money flows, the elite are finding ingenious new ways to ring-fence their assets from scrutiny at home reshaping the secrecy industry in international finance.

New Delhi, 04 October 2021

As per news report of The Indian Express, this has been revealed in Pandora Papers, the latest leak of offshore financial records, the most voluminous ever: as many as 12 million documents from 14 companies in offshore tax havens with details of ownership of 29,000 offshore companies and Trusts. Obtained by the International Consortium of Investigative Journalists (ICIJ) two years ago, a one-year investigation of data linked to India by The Indian Express reveals how individuals and businesses , many already under the scanner, are pushing the envelope to evade detection, using loopholes in the law at home and the lax jurisdiction of tax havens.

Source - indianexpress.com