Aishwarya Rai in the Panama Papers case by ED; Breaking news
Aishwarya Rai Bachchan has been summoned by the ED several times before.
She had previously been call to appear before the agency, but she had fail to do so on two occasions. According to reports, Bollywood actor Aishwarya Rai Bachchan has been summoned by the Enforcement Directorate to the Panama Papers leak case. Reports says, the investigation agency has filed a money laundering case under the Prevention of Money Laundering Act, 2002 (PMLA).
Reports, the actor has been cvalledto appear before the ED today at the Loknayak Bhawan in New Delhi. According to TV reports, ED officials have already prepared a list of questions for the actor to answer regarding allegations of stashing wealth abroad. She has, however, requested more time to appear before the agency.
This is not the first time the ED has summoned Aishwarya.
She had previously been call to appear before the agency, but she had fail to do so on two occasions. According to PTI, the Enforcement Directorate served notices on the Bachchan family, asking them to explain their foreign remittances. Since 2004 under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS).
More than 11 million documents (or 2.6 terabytes of data) from the Panama-base law firm Mossack Fonseca (MF) were leak in 2016. The ‘Panama Papers,’ a leaked document, revealed a global network of offshore companies that assist the wealthy in concealing their assets.
According to an investigation conducted by a network of media outlets. Including the Indian publication The Indian Express, over 500 Indians appear on the list of offshore companies in the Panama Papers.
The leaked documents then revealed that for at least three years. Aishwarya Rai and her family members were involve in a company incorporate in the British Virgin Islands, a tax haven. For reasons of confidentiality, the company abbreviated Aishwarya Rai’s name to A Rai. Aishwarya’s position in the company was also change by the company from director to shareholder.
Until 2003, no Indian could establish an overseas entity. However, the Reserve Bank of India liberalized the rules in 2004. Allowing Indians to purchase shares in foreign companies but not establish businesses abroad.
According to the leaked documents, the majority of the Indian offshore companies were establish before 2004.
