Pandora Papers: Tendulkar, Ambani Among the 300 Indians

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Pandora Papers: Tendulkar, Ambani Among the 300 Indians

According to Indian media, the recently released Pandora Papers include the names of more than 300 Indians, including cricket legend Sachin Tendulkar and businessman Anil Ambani.

According to details, the Indian Express, part of a joint investigation by the International Consortium of Investigative Journalists (ICIJ), said the names of the fugitive diamond trader, Modi’s sister Nirav Deepak Modi and the husband of pharmacist billionaire Kiran Mazumdar Shaw were also included.

The report said that out of more than 300 Indians included in the Pandora Papers leak, 60 individuals and offshore holdings of companies were investigated, details of which will come to light in the coming days. The report pointed out that many Indians, including Sachin Tendulkar, reorganized their offshore assets after the 2016 Panama Papers investigation.

“Obviously, Indian businessmen are setting up a number of offshore trusts to separate themselves from their wealth and to hide their assets from creditors,” the report said.

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“Those involved in economic crime and under investigation have set up an offshore network in tax havens such as Samoa, Belize or the Cook Islands, as well as large tax havens such as the British Virgin Islands or Panama,” it added.

The list of names currently includes those in prison, former lawmakers, former tax commissioners, former high-ranking military officers and former legal officers.

Sachin Tendulkar

Pandora Papers reveals that Sachin Tendulkar, his wife Anjali Tendulkar and father-in-law Anand Mehta were the beneficial owners of an offshore company in the British Virgin Islands. The report states that the company, Sass International Limited, was disbanded in 2016 after it appeared before the Panama Papers. It remained operational from 2012 to 2016 when Tendulkar was a member of the Indian Parliament.

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According to The Indian Express, three months after the Panama Papers probe came to light, Sass International Limited was dissolved. At the time, the company’s resolution stated that the company had a total of 90 shares. According to the report, “Anjali Tendulkar got the first share certificate with 60 shares, her father got the second share certificate with 30 shares while there are no details of the remaining shares. The value of 90 shares can be estimated at $8.6 million.”

Meanwhile, Sachin Tendulkar Foundation CEO and Director Mrinmoy Mukherjee told Bharatiya Janata Party (BJP) that the former cricketer’s investment was made from his tax-paid funds under the Liberalized Remittance Scheme (LRS). It is shown in the returns.

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“We reiterate that Sachin Tendulkar’s investment from India has been legitimately made through banking channels and this has been disclosed to the income tax authorities,” he stressed.

Anil Ambani

According to the Indian Express, Anil Ambani, chairman of India’s business tycoon and Reliance Communications, and his representatives own at least 18 offshore companies in Jersey, the British Virgin Islands and Cyprus.

The report said that seven of these companies, which were established between 2007 and 2010, have invested at least $1.3 billion in loans.

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“The records show that the service providers of these companies recorded that seven of them obtained loans from banks which were guaranteed by Reliance/Anil Ambani to invest,” the statement said. As a result, companies lent to other companies.

The report said that Anil Ambani had a dispute with three Chinese state-owned banks in 2020 after which he told a London court that their total value was zero.

Congress leader

The Pandora Papers also include the name of Satish Sharma, a former Congress leader, former minister and friend of the Gandhi family. According to The Indian Express, at least 10 members of Satish Sharma’s family, including his wife, children and grandsons, are among the beneficiaries of the John Zeiger Trust.

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According to the report, the John Zeiger Trust was established in the Cayman Islands in 1995 when Sharma was the Minister of Petroleum and Natural Gas. The second trust is the JZ2 Trust, which was set up in 2015 when Sharma was a member of the Indian Parliament.

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