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Bahamas Leaks Exposes 475 Tax Evading Indians

Written By Indiagreat .in on Saturday, 24 September 2016 | 10:19:00

Bahamas Leaks Exposes 475 Tax Evading Indians
Barely five months ago, we have witnessed the leak of Panama Papers, the biggest-ever leak of offshore accounts and here comes the Bahamas Leaks, which revealed the tax evading secrecy of over 175,000 companies and foundations registered in Bahamas, the Caribbean tax haven.

German newspaper Suddeutsche Zeitung, which had received the Bahamas papers, shared them with the International Consortium of Investigative Journalists. The papers reveals the info of several multinational corporations and individuals registered with Caribbean tax haven between 1990 and early 2016.

The Bahamas Leaks has 475 India-related accounts linked to corporations as well as individuals across sectors such as mines, electronics, real estate, media and entertainment. Interestingly, names of some of these personalities have also featured in the Panama Papers leak. Unlike the Panama Papers, which exposed 11.5 million documents containing emails, contracts, audios etc., the information listed in the Bahamian documents is static in nature

The release of the Bahamas Leaks came days before the September 30 deadline of the Indian government's much-publicized Income Disclosure Scheme (IDS), which presents an opportunity for both individuals and corporations to declare their undisclosed income by paying 45 per cent tax as penalty.

The name of Nimmagadda Prasad, who is already being probed by the CBI in another case that led to his arrest in May 2012, has also figured in the Bahamas leaks.











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