Page 17 - Most Trusted Logistics and Supply Chain Brands & Booming Fintech Companies

4. HUSBAND OF BIOCON
as of last month, Indian authorities had identified
$2.7 billion in undisclosed assets following ICIJ’s
Panama Papers and Paradise Papers investigations.
The ministry said that “leaks appearing in the
media under the name ‘PANDORA PAPERS’ will
be monitored” by a multi-agency taskforce that
includes the country’s Financial Intelligence Unit,
which monitors financial crime.
PROMINENT INDIANS IN THE PANDORA
PAPERS
Several Indian businessmen, celebrities and poli-
ticians have been revealed in the Pandora Papers.
The document included as many as 380 Indians
on the list. The ICIJ and its media partner in the
country, the Indian Express mentioned the name of
famous Indians including:
1. RELIANCE ADAG BOSS ANIL
AMBANI:
The Pandora Papers investigated by
The Indian Express reveal that the
chairman of Reliance ADA Group and
his representatives own at least 18
offshore companies in Jersey, British Virgin Islands
(BVI) and Cyprus. In February 2020, following a
dispute with three Chinese state-controlled banks,
Ambani declared bankruptcy in one UK court and
said that his net worth was zero. The court then
observed that “there are questions about the
extent to which Ambani has any offshore interests,
because if so they have not been declared”. And,
three months later, Anil Ambani was ordered to pay
$716 million to the banks, but he did not and denied
having any asset in any entity across the globe.
2. CRICKETER SACHIN
TENDULKAR:
ICIJ’s latest investigation also
revealed the name of legendary
cricketer and Master Blaster Sachin
Tendulkar among the celebri-
ties named in the ‘Pandora Papers’ leak. As per
The Indian Express report, Tendulkar along with
members of his family, figures in the Pandora
Papers as Beneficial Owners of an offshore entity in
the British Virgin Islands (BVI) which was liquidated
in 2016.
3. SISTER OF FUGITIVE JEWELER
NIRAV MODI:
Before fugitive diamond jeweller
Nirav Modi fled India in January 2018,
his sister Purvi Modi reportedly set
up a firm in the British Virgin Islands
to act as a corporate protector of a trust formed
through the Trident Trust Company, Singapore. The
investigative reports show that the firm, Brookton
Management Ltd, was set up in December 2017
to act as the corporate protector of The Deposit
Trust.
FOUNDER KIRAN MAZUMDER
SHAW:
John McCallum Marshall Shaw, a
British citizen and the husband of
Kiran Mazumder Shaw, promoter of
Biocon, set up a trust with keys to a
person who banned by Sebi for insider trading. In
July 2021, SEBI had barred Kunal Ashok Kashyap
for one year in a case related to alleged insider
trading activities in the shares of Biocon. But the
regulatory authorities were not aware that Kashyap
was the ‘Protector’ of The Deanstone Trust, set up
in New Zealand in July 2015 by Mauritius-based
Glentec International, the ‘Settlor’. As per the
reports of the Indian Express, Glentec, which holds
shares of Biocon Ltd, is 99 per cent owned by John
McCallum Marshall Shaw.
5. BOLLYWOOD ACTOR JACKIE
SHROFF:
The Pandora papers have further
revealed that popular Bollywood
actor Jackie Shroff was the prime
beneficiary of a trust set up in
New Zealand by his mother-in-law. He also made
“substantial contributions” to this trust, which
had a Swiss bank account and owned an offshore
company registered in the British Virgin Islands,
records show.
6. CORPORATE LOBBYIST NIIRA
RADIA:
Named earlier figured in both The
Panama Papers and The Paradise
Papers, corporate lobbyist Niira
(Nira) Radia has once again figured
in the Pandora Papers with about a
dozen offshore firms and a more detailed account
of transactions executed by these firms including
the purchase of a $251,500 watch in Dubai through
one of her BVI companies.
Image credits: ICIJ
|17