Bollywood actor Aishwarya Rai Bachchan on Monday appeared before the Enforcement Directorate (ED) for recording her statement in connection with a “Panama Papers” related probe.
Ms. Bachchan joined the investigation in response to the third summons from the agency under the Foreign Exchange Management Act (FEMA).
On previous occasions, Ms. Bachchan had sought more time. She is learnt to have submitted the documents sought by the ED.
Taking note of the “Panama Papers” leaked in 2016, the ED is conducting the inquiry to determine the facts related to foreign remittances under the Reserve Bank of India’s Liberalised Remittance Scheme made since 2004.
Papers made public
The papers comprising records of the Panama-based legal firm Mossack Fonseca were made public by the International Consortium of Investigative Journalists. They contained details pertaining to many prominent personalities across the world, who were ostensibly part of the companies opened in tax havens over the years.
One British Virgin Islands-based company was set up in 2005. As alleged, Ms. Bachchan was a director of the offshore entity. The company was dissolved in 2008.
Earlier this month, the Finance Ministry informed the Rajya Sabha that as on October 1, 2021, the total undisclosed credits amounting to Rs. 20,353 crores had been detected with respect to 930 India linked entities in the Panama and Paradise Paper Leaks.
In 52 cases of Panama and Paradise Paper leaks, criminal prosecution complaints were filed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act. In 130 cases, proceedings under Act had been initiated.
The taxes collected amounted to Rs.153.88 crore in the Panama and Paradise Paper Leaks.
