The Indian authorities have put to halt the complete shareholding of late mining tycoon Anil Vassudeva Salgaocar’s estate, after pursuing an investigation in opposition to him on the foundation of data revealed in the Panama and Pandora Papers. The move flows months after his widow Lakshmi Anil Salgaocar, who is the estate’s administrator, gains victory in a protracted case in Singapore’s High Court that included assets involved in the Indian investigation.
The Panama and Pandora Papers refer to two series of more than a million revealed private documents, printed from April 2016,that unveiled huge hidden webs of tax havens including corrupt or unlawful dealings by the rich and powerful across the globe. Mr Salgaocar, a renowned industrialist who lost his life in Singapore in 2016, is suspected of being unlawful and misusing the foreign exchange laws and not announcing millions of dollars of advantages to the authorities, according to India’s Enforcement Directorate which deals with pursuing economic crimes.
He was also a part of the 2007 legislative assembly of Goa state. In the Indian laws, Indian nationals do not have the right to freely take foreign exchange nor hold assets out of the nation, along with other things. Penalties involve recovering three times the sum of money involved in the violations. The directorate added that its investigations in opposition to Mr Salgaocar and his estate were started on the foundation of the Panama and Pandora Papers leaks.
The Indian Express newspaper, whose journalists are slice of the International Consortium of Investigative Journalists that dig into the matter of the Pandora Papers, alleged in a 2021 article that six of his companies had been running with the support of Panamanian offshore law firm and corporate service provider Mossack Fonseca, and were dealt by Panama-based corporate services provider OMC Group.