Currently a Multi-Agency Group set up by the Bharatiya Janata Party led government, is investigating the larger issue of black money
The Supreme Court (SC) on Tuesday asked the Union whether a Special Investigation Team (SIT) should be specially constituted to only probe the offshore accounts of Indians revealed in the Panama Papers leak.
Currently a Multi-Agency Group (MAG) set up by the Bharatiya Janata Party (BJP) led government, is investigating the larger issue of black money. A bench, headed by Justice Dipak Misra, however asked Additional Solicitor General (ASG) PS Narasimha if a smaller team could be tasked to look at the cases arising out of the Panama Papers leak.
The bench, which also comprised Justices AM Khanwilkar and Justice M M Shantanagoudar, sought the Centre's response posted the matter for hearing in July.
The observations were made on a plea filed by advocate ML Sharma who sought a court-monitored probe in the Panama Papers leak case. Sharma had further sought a detailed investigation of the Indian offshore account holders and stock market regulators, industrialists and celebrities whose names had been exposed in the Panama papers leak.
However, right off the bat, Narsimha informed the court that investigating the names leaked in the Panama Papers case was not simple since multiple agencies were probing and trying to ascertain the details.
"The investigations into such names are still going on and all cases will be thoroughly investigated." Narsimha added that MAG's report had a complete chapter on this issue.
While opposing a separate investigation, the Centre said the probing these cases was unlike normal crime incidents since various aspects, like treaties with foreign countries, agreement for disclosures etc. needed to be taken into account. Narsimha added that since transactions spanned across different jurisdictions, MAG could liaise with the multiple entities and individuals needed for the probe.
The apex court then accepted six reports by MAG -- in a sealed cover, which detailed the investigation on black money it had requested for in an earlier hearing. The bench further directed Narasimha to file the seventh report within three days.
The Centre had constituted MAG consisting of officers of the Central Board of Direct Taxes(CBDT), Reserve Bank of India (RBI), Enforcement Directorate and Financial Intelligence Unit to investigate black money cases and is also probing the Panama Papers leak.
In 2016, the International Consortium of Investigative Journalists (ICIJ) exposed several personalities across the globe who had offshore accounts after Panamanian law firm and corporate service provider Mossack Fonsecaa leaked 11.5 million documents that had financial and attorney–client information for more than 214,488 entities. Journalists from 107 media organizations in 80 countries simultaneously analyzed documents detailing the operations of the law firm exposing persons of interest in their region.
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