Panama Papers: ED widens probe, issues advisories to 137 Indians
By Team Legistify / 2017-02-22

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Officials in ED told The Indian Express that over the past two months, they have sent 137 “advisories” under Section 37 of FEMA to Indians named in the Panama Papers.The Panama Papers probe in India has gathered pace with the Enforcement Directorate (ED) dispatching what is being described as “advisories” to over 100 people named in the global media investigation.

Officials in ED told The Indian Express that over the past two months, they have sent 137 “advisories” under Section 37 of the Foreign Exchange Management Act (FEMA) to Indians named in the Panama Papers.

These 137 names are from a long list of 192 Indians sent to the ED by the Income Tax (Investigation) wing — of persons against whom there is clear suspicion of tax evasion, and for a majority of whom references have already gone to various offshore jurisdictions for exchange of information under provisions of tax treaties.

After Panama Papers, Bahamas: An Express InvestigationOfficials pointed out that on receiving the list from the IT, the ED instructed its zonal units in Delhi, Mumbai, Hyderabad, Bengaluru, Chennai and other cities to send Section 37 advisories to persons whose addresses were found to be part of the leaked data of 210,000 offshore companies incorporated by Panamanian law firm Mossack Fonseca.

In majority cases, responses are awaited from offshore entity owners on the purpose of setting up these companies and the nature of financial transactions.

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