Mallya, 1,899 others under IT scanner in Panama leaks case

The Panama paper leaks has put several Indians under the scanner. The IT department has launched an extensive probe.

Liquor baron Vijay Mallya is among the 1,900 persons of Indian origin who are under the scanner of the Income Tax department for either having or controlling financial interests in nearly 3,000 companies incorporated in Panama. According to the data provided by the Enforcement Directorate, Mallya is allegedly linked to Vee Tee International inc in Panama which was set up in 1992.

The IT department is examining 1,900 Indians after their names cropped up in the papers that were leaked from a Panama firm in 2016. It was found that at least 90 per cent of the companies were incorporated in the British Virgin Islands and the rest were in Switzerland and the other places in the UK.

The ED is in touch with the Financial Intelligence Unit in Panama. There are some documents which have to be collected and the same would be done by the IT department. The IT upon receiving the papers would look into the source of funds, money laundered and also tax evasions. After confirming the residential status of the individuals at the time of the alleged offence being committed, a probe against them would be launched.

OneIndia News