The Pandora Papers Leak has recently disclosed the involvement of numerous Indian businessmen, celebrities, and politicians. A comprehensive list of approximately 380 individuals from India was included in this document. The International Consortium of Investigative Journalists (ICIJ) and its media partner in India, the Indian Express, have made public the names of prominent Indians impacted by this leak, which includes several well-known individuals.
Anil Ambani
The Pandora Papers investigation conducted by The Indian Express has uncovered that Anil Ambani, the chairman of Reliance ADA Group, and his representatives possess a minimum of 18 offshore companies located in Jersey, British Virgin Islands (BVI), and Cyprus.
In February 2020, following a dispute with three state-controlled Chinese banks, Ambani declared bankruptcy in a UK court and stated that his net worth was zero. The court noted that there were concerns about Ambani's undisclosed offshore interests. Three months later, Ambani was ordered to pay $716 million to the banks, which he refused and denied having any assets in any entity worldwide.
Sachin Tendulkar
The recent investigation by ICIJ has also named legendary cricketer Sachin Tendulkar in the 'Pandora Papers' leak. According to The Indian Express, Tendulkar and his family members are identified as Beneficial Owners of an offshore entity in the British Virgin Islands (BVI), which was liquidated in 2016.
Nirav Modi
Prior to the escape of fugitive jeweler Nirav Modi from India in January 2018, his sister Purvi Modi supposedly established a company in the British Virgin Islands to act as a corporate protector for a trust created through Trident Trust Company in Singapore. Investigative reports reveal that the company, Brookton Management Ltd, was formed in December 2017 with the purpose of acting as the corporate protector of The Deposit Trust.
John McCallum Marshall Shaw
A British citizen and spouse of Kiran Mazumder Shaw, the founder of Biocon, set up a trust that was associated with an individual banned by Sebi for insider trading. Indian Express reports indicate that SEBI barred Kunal Ashok Kashyap for one year for his alleged insider trading activities in Biocon shares. However, regulatory authorities were unaware that Kashyap was the 'Protector' of The Deanstone Trust, which was established in New Zealand by Mauritius-based Glentec International, the 'Settlor'. Glentec, which holds shares of Biocon Ltd, is 99 percent owned by John McCallum Marshall Shaw.
Jackie Shroff
Popular Bollywood actor Jackie Shroff has been revealed as the primary beneficiary of a trust established in New Zealand by his mother-in-law, according to the Pandora Papers. Records indicate that he also made substantial contributions to this trust, which held a Swiss bank account and possessed an offshore company registered in the British Virgin Islands.
Corporate lobbyist Niira Radia
She was previously mentioned in both the Panama Papers and the Paradise Papers, has once again been linked to the Pandora Papers. The investigation uncovered approximately a dozen offshore firms associated with Radia, providing detailed accounts of transactions carried out by these firms, including the purchase of a $251,500 watch in Dubai through one of her BVI companies.
Homi Rajvansh,
An officer from the 1985 Indian Revenue Service (IRS) batch, was the Additional Managing Director of the National Agricultural Cooperative Marketing Federation of India (NAFED) when he was charged with corruption, money laundering, and granting undue benefits to private parties. He was arrested by the Central Bureau of Investigation (CBI) in 2011, and the Enforcement Directorate (ED) alleged that he possessed disproportionate assets worth Rs 2.9 crore.
In 2019, Rajvansh was forcefully retired by the government. The Indian Express investigation discovered that the Swiss Office of the Attorney General (OAG) seized all evidence in 2013 and imposed sanctions on two offshore companies established by Rajvansh: Horsham Technologies Ltd and Wairoa Industries Inc. Both companies were set up by Trident Trust in the British Virgin Islands (BVI). Horsham, which was incorporated in 2004, listed Homi Rajvansh and his spouse Alka Rajvansh as Beneficial Owners. There is evidence to indicate that Wairoa Industries Inc has been in existence since 2011.
Sushil Gupta
Former Income Tax Chief Commissioner Sushil Gupta established a company called Allied Trading Ltd in January 2017 and described himself as the "business owner" of an Indian company named Hopewell Tradelink. According to the documents, records of Allied Trading Ltd are to be maintained by Aster Worldwide Ltd, a Cyprus-based company. The stated activity of the BVI company is "holding of investments." Notably, the company opening form states that the "owners' funds" would be held in Switzerland, with Sushil Kumar Gupta's assets estimated at $500,000.
Niranjan Hiranandani
The founder of Mumbai-based real estate major Hiranandani Group, and key members of his family were identified as beneficiaries of a Trust with assets valued at over $60 million. Niranjan served as the "reserve director" in at least three companies established in the British Virgin Islands (BVI) by his son based in Dubai, as revealed in the Pandora Papers.
Tushar Vashisht
The son of former Haryana DGP Shriniwas Vashisht, established HealthifyMe Wellness Private Limited (HWPL) using his Singapore-based holding company. AsiaCiti Trust records reveal that this Singapore company is linked to Lang Capital Fund owned by Kirill Androsov, a former aide of Russian President Vladimir Putin. Questions were raised regarding certain transactions between the LCF and various entities, including HealthifyMe.
Hiroo Advani
A lawyer and co-founder of Business India magazine, and his wife Nita Advani, possess two offshore companies in the British Virgin Islands (BVI) and Seychelles, according to the investigation of Pandora Papers by The Indian Express. Nita Advani also owns a third offshore company in the BVI, with Tony Jashanmal serving as a group director of a family-owned retail and distribution company in the Gulf. Records in the Pandora Papers reveal that a private bank in Switzerland, Clariden Leu, was authorized to oversee the activities of these three entities outside the country.
Sitaram Bhartia
The family behind Sitaram Bhartia Institute of Science and Research in Delhi established a trust in the Cayman Islands, which subsequently acquired a company with at least two Swiss bank accounts and assets exceeding $35 million at one point, as uncovered in the Pandora Papers Leak investigated by The Indian Express.
Pramod Mittal
The younger brother of steel baron LN Mittal, faced default on payments of around $348 million plus interest to the State Trading Corporation of India (STCI) through his firms Global Steel Holdings Ltd (GSHI) and Global Steel Philippines Inc in 2012. During his bankruptcy declaration in a UK court last year, it was discovered that Pramod Mittal allegedly controlled the two largest creditors, leading to approval of his settlement offer by paying only 0.19% of the owed amount, as revealed in the Pandora Papers investigation.
Rohan Timblo
He belonging to the family trust of Goa miner Timblo's son, has encountered scrutiny by Singapore authorities due to the IRAS requesting information regarding Timblo's Colares Trust in Singapore and its three underlying firms in Samoa, the British Virgin Islands, and Panama.
Rakesh Kumar
Lt General (retired) Rakesh Kumar Loomba established Rarint Partners Ltd in Seychelles along with his son Rahul Loomba, without disclosing his military credentials.
Rajasthan Royals
IPL franchises Rajasthan Royals and Kings XI Punjab are linked to offshore entities, which have been exposed by the Pandora Papers Leak. According to The Indian Express, leaked documents from a Panamanian law firm reveal that these IPL franchises were either wholly or partially owned by British citizens of Indian origin and had connections to Lalit Modi, the founder of the IPL.
Ajay Ajit Peter Kerkar
The promoter of bankrupt travel firm Cox and Kings Ltd, holds two BVI trusts and has connections to numerous offshore firms, as indicated by the investigation of Pandora Papers leak records.
Satish Sharma
Congress leader Captain Satish Sharma and several members of his family, including his wife Sterre, children, and grandchildren, are beneficiaries of the Jan Zegers Trust, an organization incorporated in the Cayman Islands in 1995. The trust was also registered under New Zealand law. Importantly, Sharma was serving as the Union Minister of Petroleum and Gas under the Congress-led government at the time and failed to disclose this information to the Election Commission.
19. Minal and Dinesh Vazirani are individuals identified in the Pandora Papers leak records.
20. Vivek Bharat Ram, the grandson of DCM Group founder Lala Shri Ram, and his wife Sukanya Bharat Ram are among the individuals named in the Pandora Papers investigation.
21. Samir Thapar, the Chairman and managing director of JCT Ltd, features in the Pandora Papers leak records.
22. Shravan Gupta, the MD and Chairman of MGF (Motor and General Finance Group), is linked to the Pandora Papers leak.
23. Habil Fakhruddin Khorakiwala, the chairman of Mumbai-based pharmaceutical giant Wockhardt, has been connected to the Pandora Papers leak.
24. Indian businessman B.R Shetty is mentioned in the Pandora Papers investigation.
25. Alok Industries Ltd, which has been acquired by RIL-JM Financial ARC through insolvency proceedings, is involved in the Pandora Papers leak.
26. Manoj Prasad, the son of a former officer from the Research and Analysis Wing (R&AW), is a person of interest identified in the Pandora Papers leak.
27. Harish Salve, a former Solicitor General of India and Supreme Court lawyer, is mentioned in the Pandora Papers investigation.
28. Malvinder Singh and Shivinder Singh, the former owners of Ranbaxy, are individuals named in the Pandora Papers leak.
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