Telecom, realty firms among Dattani's other Panama links

Intermediary associated with 53 entities mentioned in the database of secret offshore companies

Nirav Modi Ltd's Panama-papers-linked intermediary Dattani Chartered Accountants is associated with 53 different entities mentioned in the database of secret offshore companies.
 
The sectors which find representation in the list include telecom, oil and gas, and property. A number of other entities also seem to show activities such as research and marketing, according to an examination of the International Consortium of International Journalists’ database. 
 
The given area of jurisdiction also varies. However, there are a few recurring names. For example, many of them show their jurisdiction to be the British Virgin Islands. The British Virgin Islands are seen to be a place favoured for its opacity. This allows the establishment of questionable offshore entities, which have been associated with tax evasion. The story is similar for Seychelles. The Seychelles are a group of islands off the coast of East Africa. It is similarly seen to be a place where entities set up holding companies which can provide cover for activities such as money laundering and secret payments. For example, a case involving money laundering from Azerbaijan was reported by the UK’s Guardian newspaper in 2017 and involved both the British Virgin Islands and Seychelles.
 
Dattani has denied the wrongdoing, according to Monday’s The Times of India report, which mentioned the link. The report had noted the firm had audited the accounts of Nirav Modi Ltd. and highlighted the connection of the auditor with the Panama Papers. The firm was quoted in the report saying that the UK-based firm Nirav Modi Ltd is not owned by Nirav Modi. It also stated it no longer acted for the firm.

 
Dattani had also stated the firm has been included in the Panama Papers database by mistake. It was said that the company may have been involved in their tax returns but was not responsible for establishing them.
 

However, an intermediary has been defined on the ICIJ website as a ‘go-between for someone seeking an offshore corporation and an offshore service provider — usually a law-firm or a middleman that asks an offshore service provider to create an offshore firm for a client.’ There was no immediate response to an e-mail seeking further comment.
 
The move comes even as the government has been making efforts to get Nirav Modi back to India. He has been absent after charges of a $2 billion fraud at India’s second largest public sector lender, Punjab National Bank.  The fraud involved Nirav Modi’s entities raising capital abroad through the use of fraudulently obtained  documentation from PNB.
 
The government has been in talks with the United Kingdom to get him back to India. This has so far not been successful, leading to tensions over UK becoming a 'safe haven' for those absconding from India. Liquor baron Vijay Mallya is also in the UK after allegations of bank fraud.