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Panama Papers V: The case of ten offshore entities and a CBI FIR

Promoter of Ruchi Industries has eight offshore entities and two foundations; a look at other names in the newly-released list

BS Web Team  |  Mumbai 

A Mossack Fonseca law firm logo is pictured in Panama City April 3, 2016. Photo: Reuters/Carlos Jasso
A Mossack Fonseca law firm logo is pictured in Panama City April 3, 2016. Photo: Reuters/Carlos Jasso

The latest revelations in the leak show that the Umesh Shehra, promoter director of Ruchi Group of Industries, had set up at least eight offshore entities and two private foundations in Panama, The Indian Express reported on Friday.

At home, Shahra, promoter director of the $6 billion group, has a CBI case against him, and has been raided by the Income Tax department and EPFO for alleged tax and PF evasion.

Two trusts — The Threewells Foundation and One World Trust — were set up and are said to be active with the Mossack Fonseca Trust (Mossfon Trust), generating annual invoices till March 2015. While a public deed for the former was signed in October 2009, the latter was set up in October 2008, the publication reported.

The principal beneficiaries of The Threewells Foundation are Umesh Shahra, Neeta Shahra and their son Suyash Shahra. The details of all the offshore entities were not available in the files of Mossack Fonseca.

The Indian Express also named an art dealer, kin of a tea baron and a entrepreneur couple in its fifth list.

Satya Prakash Gupta

Delhi-based businessman Gupta has an overseas entity called Sterling Global Partners Limited. The company was set up in August 2015 through Anglo Manx Trust Company Limited and Mossack Fonseca (MF) in Ras Al Khaimah, United Arab Emirates (UAE).

The company was incorporated with a capital of $100. Its registry documents were sent to Dubai consulting firm AbiliTrade.

Earlier, in July 2015, Anglo Manx Trust rushed to MF, saying that the client (Gupta) “would like to incorporate as soon as possible” and they “basically just need a name that starts with Sterling or Platinum”.

Amrita Jhaveri

An art collector, Jhaveri, as per documents from Mossack Fonseca, had set up a company in Seychelles in 2005, primarily to hold assets in Switzerland. The company was earlier set up as A M Art India Private Limited on July 25, 2005. In December 2005, it was later renamed as Amaya Limited. This was done through HSBC Private Bank (Suisse) SA as client. Jhaveri held the power of attorney MF provided office bearers.

Eventually, MF removed Amaya from its internal records and revoked the power of attorney that was issued to her.

Gargi Barooah

Gargi, along with her daughter, holds shares in BA Industries. The family group of companies controls more than half a dozen tea gardens in Assam.

Walker Foundation, which was set up in Panama in April 2010, lists Barooah as the sole beneficiary. Through Mossack Fonseca, Uruguay firm CHT Asesores y Consultores set up Walker Foundation in Panama on April 8, 2010, and Walker Investments Management INC in the British Virgin Islands on April 15, 2010.

Ankita Sehgal & Nimitt Rai Tiwari

Tiwari and Sehgal, who are husband and wife, together owned Suncell Holding SA. This company was incorporated in the British Virgin Islands on September 16, 2011. They held 25,000 shares each in Suncell Holding. The power of attorney was given to Nimitt on September 29, 2011.

In April 2015, after an unsuccessful attempt to change its name to Sinostar Minerals Lit, Suncell Holding SA deactivated.

Bhaskaran Raveendran

Bhaskaran Raveendran was in Russia for two decades, where he was a consultant for a commodities fir.

He was with SVS Investment Inc as a power of attorney holder. He also acted as a manager and a facilitator. The company was incorporated in August 2006 and was eventually inactivated in January 2014. The directors of the company are Russian nationals.

First Published: Fri, April 08 2016. 14:56 IST