Panama papers leak: Centre assures SC of probe

Court asks ASG to take instructions on whether a separate SIT investigation is required

Assuring a “thorough investigation” into the Panama papers leak, the Centre told the Supreme Court on Tuesday that the probe into the offshore accounts of Indians linked to the leak is complicated and spans several international jurisdictions.

Appearing before a Bench led by Justice Dipak Misra, Additional Solicitor-General (ASG) P.S. Narasimha said the government is actively investigating the names and multiple agencies are involved.

The court asked Mr. Narasimha to get a formal response from the government on whether a separate Special Investigation Team, besides the Multi-Agency Group (MAG) set up by the government to probe the black money cases, should be formed to exclusively probe the leak.

The Bench asked Mr. Narasimha to respond on the matter and posted the case for hearing in July.

The government assured the court that it is “absolutely serious” about probing disclosures made by a website in the Panama papers leak, allegedly naming nearly 500 high-profile Indians who have money parked in off-shore accounts.

The court was hearing a PIL petition filed by advocate M.L. Sharma seeking a SIT probe into the Panama leak. It sought a direction to the CBI to lodge FIRs and conduct investigation for alleged offences under the Prevention of Corruption Act and Prevention of Money Laundering Act.

The high and the mighty

The petition has alleged that the Panama papers include the names of Indians, including celebrities and industrialists, who have allegedly parked funds in offshore accounts in transactions brokered by the law firm. The Panama leak contains information covering 2,10,000 companies in 21 offshore jurisdictions.

The apex court had on March 7 asked the Centre to place before it in a sealed cover all the six reports of MAG after it was informed that the sixth report has been completed and the government was prepared to place all reports before the court. The Centre had sought dismissal of the PIL, saying the MAG has already been set up to ensure “speedy” probe against Indians whose names figured in the Panama papers.

(With PTI inputs)