What is the status of the Panama Papers case in India

While seeking a report into the matter, the SC said that the CBDT, RBI and the Financial Intelligence Unit would form the Multi Agency Investigation team.

There are 500 Indians named in the leaked Panama papers. On Friday, the Supreme Court of Pakistan ordered the disqualification of Nawaz Sharif following which he stepped down as the Prime Minister of Pakistan.

In India, a Multi Agency Investigation has been ordered by the Supreme Court. A petition had been filed over a year back seeking a probe into the case. A petition was filed by advocate Manohar Lal Sharma seeking a probe into the matter. The court had issued notices to the centre and CBI.

In March 2017, the petitioner sought for a Joint Investigation Team to probe the case. However the SC said that it would first need to go through the report and only then decide on whether to order a probe or not.

While seeking a report into the matter, the SC said that the CBDT, RBI and the Financial Intelligence Unit would form the Multi Agency Investigation team.

The petitioner had sought for a court monitored probe into the matter. The petitioner alleged that the Panama Papers include the names of nearly 500 Indians. Several celebrities and industrialists too were part of this case, the petitioner also alleged. Several Indians have allegedly parked funds in offshore accounts in transactions brokered by the law firm, the petitioner also alleged.

In India the investigation would move forward only once the SC takes a call on the matter. Once the report by the MAI is studied by the SC, a decision on whether to hand it over to a JIT or the CBI would be taken.

OneIndia News