British Virgin Islands (BVI) has emerged the favourite tax haven for offshore asset investments for Indians whose names have emerged in the Panama Papers leak. Indian investigators have now decided to approach the nation with queries in this regard under the protocols of the existing tax information pact called the Tax Information Exchange Agreement.
Indian investigators are busy in finding all background information on these individuals to build a “water tight” cases before approaching BVI.
According to sources, investigators who are probing the matter have come across the BVI “link” in multiple cases.
Multi-agency group constituted by the government is looking at all the information which is coming out of the Pan-ama leaks to take action.
Sources said while a “good number” of entities named in the ‘Pana-ma Papers’ disclosure have been found to have declared these investments to the taxman in the past, there are “many” who have not done so and are now being probed by the tax department.
Earlier this week Inter-national Consortium of Investigative Journalists released data on Panama Papers which revealed names of 2,000 entities and addresses with links to India.
