I-T officials prepare to conduct inquiry into Paradise exposé

HYDERABAD: The Income Tax Department on Tuesday held a review meeting on conducting an inquiry into businessmen and entities from Telangana and Andhra Pradesh named in Paradise papers.

Sources said that following the expose, the I-T department will conduct a similar exercise of conducting enquiries like it did in the case of Panama papers. I-T and Enforcement Directorate had earlier summoned 11 firms named in the Panama papers and recorded the statements of the promoters. Most of them revealed that theyfloated the offshore companies, but claimed no financial transactions were done.

Again in the Paradise papers, a few companies have been named by the International Consortium of Investigative Journalists. The sources said once the ICIJ reveals the entire database of Panama Papers, the I-T department will look into all of their financial transactions and dealings.