Panama Papers Leak: Central Board of Direct Taxes Starts Fresh Probe After New Names Been Revealed

New Delhi, June 22: Panama Paper Leak's second set of investigation has exposed new names of prominent people, according to an inquiry held by the Indian Express. This has prompted a fresh probe once again in the case. According to the news reports, the Chairman of the Central Board of Direct Taxes (CBDT) Sushil Chandra has stated that a probe has been started in the case. Chandra was quoted as saying, "New documents will also be examined in a reasonable time-frame and initial verification has already started… we are already trying to complete investigations in as many cases of Panama Papers as possible within the current assessment year, and many under the black money Act."

The CBDT also issued a statement on Thursday in which the detection of undisclosed foreign investments is pegged at Rs. 1,140 crore. The report mentions that the CBDT has successfully taken invasive action in 62 cases so far connected to Panama Paper leaks. Also, a large sum of deposits has been found in their foreign bank accounts.

The agency in its statement has remarked that they have traced these accounts after the foreign jurisdiction supplied them the balance sheet and details of the companies. Moreover, criminal cases have been filed in different courts of the country and notices under Section 10 of the black money Act had been issued in 32 cases.“We will continue doing so, and the new details and batches of documents will be scrutinised by us similarly,” Chandra said.

The Panama Papers refer to the 11.5 million leaked encrypted confidential documents that were reportedly the property of Panama-based law firm Mossack Fonseca. The paper exposed the network of about 214,000 tax havens involving people and entities from 200 different nations.

(The above story first appeared on LatestLY on Jun 22, 2018 01:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).