Government reconstitutes Multi-Agency Group probe into Paradise Papers revelation

Highlights:

  • The Union Government has reconstituted Multi-Agency Group (MAG) to investigate cases relating to ‘Paradise Papers’ data disclosure which is also probing the Panama Papers leak.
  • It will be led by Central Board of Direct Taxes (CBDT) Chairman and will have representatives from Enforcement Directorate, RBI and Financial Intelligence Unit.
  • The MAG was constituted in April 2016 to investigate legality of money stashed in offshore entities by Indians named in Panama Papers by International.
  • Consortium of Investigative Journalists (ICIJ).
  • Panama Papers had named several prominent Indian politicians, actors, and businessmen as having offshore undisclosed bank accounts.
  • The Paradise Papers, a largest ever leak of financial data containing 13.4 million documents on offshore entities involving people and companies from 180 countries to dodge tax.
  • The files were first obtained by German newspaper Suddeutsche Zeitung and shared with ICIJ and partner 95 media outlets that includes Indian partner The Indian Express.