Over 500 Indians, including top Bollywood celebrities, industrialists and politicians are named in a huge flow of 11.5 million tax records exposing their secret international transactions.
An investigation to the records by more than one hundred media groups, described as among the biggest such probes ever, disclosed the hidden international relations in the assets of stars, businessmen, sports person and world leaders. Likewise, her family members and Aishwarya Rai were filed as managers of Amic Partners Limited in 2005.
Prior to the business was broken up in 2008 her status was later shifted to investor. DLF promoters KP Singh got a business registered in 2010 in British Virgin Islands. His family’s three international things hold nearly $10 million,” a report in the Indian Express reads.
As per Reserve Bank of India guidelines, Indian citizens are not permitted to begin an international thing before 2003.Yet, in 2004, the RBI permitted people to remit capital of up to $25,000 a year under the Liberalised Remittance Scheme (LRS).
But it never let Indian citizens to create businesses abroad. Names of around 140 political leaders including Pakistan Prime Minister Nawaz Sharif, Russian president Vladimir Putin and Chinese President Xi Jinping figured on the list. It wasn’t immediately clear who was the first source of the leaked files.