After Panama, Bahamas Papers expose more Indian names

offshore tax evasion

Five months after Panama, where nearly 2,000 individuals, entities, and addresses were linked with India exposed offshore holding of companies in tax haven countries, Bahamas relate to companies registered between 1990 and early 2016.

The 475 incorporations and corporate personalities hold offshore accounts across all sectors from mines and metals, to electronics, real estate, media and entertainment, reports Indian Express on Wednesday.

Bahamas is a western Caribbean tax haven. The leak exposes more than 175,000 companies, trusts and foundations registered in Bahamas.

Uncovering hidden links of offshore secrets, few names listed in the latest Bahamas leak were also present in the Panama Papers global investigation.

This new cache of documents is received by Süddeutsche Zeitung which is a German newspaper. The documents were shared with International pool of Investigative Journalists and the Indian newspaper.

It uncovers “secrecy” being offered by islands of Bahamas to MNCs and also rich and influential entrepreneurs and reveals names of office bearers, shareholders or beneficiaries of these offshore entities.

Few well-known personalities in the Bahamas Leak-

  1. Anil Agarwal, Vedanta Group
  2. Kabir Mulchandani, Erstwhile Baron Group (famous for tie ups with Akai, Aiwa and Hitachi in 1990s)
  3. Rajan Madhu, India Promoter Fashion TV
  4. Aman Gupta, Veen Waters’ chairman and chief executive

The list also contains names of political influencers across the Globe.

  1. Carlos Caballero Argáez who was Colombian Minister of mines and energy from 1999 to 2001. Argáez was listed as president and secretary of Pavc Properties Inc in Bahamas between 1997 and 2008. Argáez also appeared as director of Norway Inc between 1990 and 2015.
  2. European Union’s commissioner for competition policy from 2004 to 2010, Neelie Kroes appears as director of Mint Holdings Ltd from July 2000 to October 2009. The company is currently active.

    According to ICIJ, Kroes didn’t disclose her connection to this company in her declarations of personal financial interests in 2010. when she was European commissioner for competition or in 2014 when she was European commissioner for digital issues. However, she rejected any criticism and her lawyer said: She was never conflicted by ties to the private sector.

Wefornews Bureau

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