Multi-agency group probing new Panama leaks info

NEW DELHI: The government's multi-agency group (MAG), set up by the finance ministry in April 2016 to probe foreign assets of Indians, has initiated investigations into fresh details emerging out of the Panama paper leaks.

A press note issued by the central board of direct taxes (CBDT) on Thursday said the MAG has already investigated 426 people whose details were reported in the Panama paper leaks in 2016. However, the investigative agencies only found 74 cases actionable.

"After thorough investigation, involving examination of the disclosures made in the I-T returns, particularly the foreign accounts schedule, residential status, responses to questionnaires issued, responses received from foreign jurisdictions and details of foreign remittances made, 352 cases were found to be non-actionable," the CBDT said.

And in the 74 cases found actionable , action was taken in 62 cases with searches and survey conducted that led to detection of undisclosed foreign investments of about Rs 1,140 crore .

The CBDT said it has filed criminal prosecution complaints in 16 cases in courts which are at various stages of hearing. In another 32 cases notices have been issued under the Black Money Act.


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