Probe into 'Panama Papers' cases in full swing, says Centre

The Ministry of Finance on Monday said that the investigation into the cases pertaining to the 'Panama Papers' was in full swing.

The Central Board of Direct Taxes, in an official statement, said that the Central Government constituted a Multi Agency Group (MAG) in April last year to facilitate a co-ordinated and speedy investigation into the matter.

"Pursuant to revelations made by the International Consortium of Investigative Journalists (ICIJ) about certain Indians having linkages with entities in offshore no tax/low tax jurisdictions, the Government constituted a MAG on April 4, 2016, inter alia, to facilitate co-ordinated and speedy investigation," the statement said.

The MAG consisted of officers of the Central Board of Direct Taxes (CBDT), the Enforcement Directorate (ED), the Financial Intelligence Unit (FIU) and the Reserve Bank of India.

It further stated that the MAG had submitted seven reports to the Government so far.

The Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin, the statement said.

The ministry further stated that the Income Tax Department conducted enquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions.

"Based on analysis of the information obtained and investigation conducted, the outcome so far indicates 147 actionable cases and 279 non-actionable cases," the statement read further.

Out of the 147 actionable cases, the investigations have led to the detection of undisclosed credits of about Rs. 792 crore so far.

The searches were conducted in 35 cases and surveys in 11 cases. In other cases, the persons have been confronted with the evidences during enquiries.

"In five cases, criminal prosecution complaints have been filed. In seven cases, the notices under section 10 of the Black Money (Undisclosed Foreign Income & Assets) and the Imposition of Tax Act, 2015 have been issued," the statement stated.