All You Need to Know About Paradise Papers

Almost eighteen months after Panama Papers leak, another massive trove of secret financial data has been leaked by the International Consortium of Investigative Journalists (ICIJ) named ‘Paradise Papers’. In the new set of records obtained primarily from Bermuda-based firm Appleby and Singapore-based Asiaciti Trust, a trove of 13.4 million documents, named ‘Paradise Papers’ has come to the fore.

It was obtained by German newspaper Suddeutsche Zeitung and were investigated by the International Consortium of Investigative Journalists (ICIJ) working in partnership with 96 news organisations. The Paradise Papers also take into account corporate registries maintained by governments in 19 secret jurisdictions, which are often referred to as ‘tax havens’. 

Just like Mossack Fonseca, the firm which leaked the Panama Papers, Appleby helps set up companies and bank accounts overseas, facilitates bank loans and transfer of shares, in multiple secrecy jurisdictions. The Indian Express, part of the International Consortium of Investigative Journalists (ICIJ), reported that among the 180 countries represented in the data, India ranked 19th in terms of the number of names featured. The Paradise Papers aims to expose trails of veiled offshore financial activities.
The list has about 714 Indians. The leak has revealed names of famous personalities like Queen Elizabeth II, lead vocalist of U2 band Bono and American singer Madonna. Few Important names from Indian side are Member of Parliament Ravindra Kishore Sinha, Former corporate lobbyist Niira Radia, Business tycoon Vijay Mallya and Minister of State for Civil Aviation Jayant Sinha.

About International Consortium of Investigative Journalists (ICIJ)-

  • ICIJ is a global network of more than 200 investigative journalists in 70 countries who collaborate on in-depth investigative stories.
  • It was founded in 1997 by an American journalist Chuck Lewis.
  • It is Headquartered in Washington, DC, USA.
Source- The Indian Express

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