Government on Friday said in the Lok Sabha that it has issued notices to all the people named in the Panama Papers but tax laws do not allow the proceedings to be made public till cases are filed in courts.
The Panama Papers are a set of over 11 million confidential documents detailing information about more than 214,000 offshore companies compiled by Panamanian corporate service provider Mossack Fonseca.
The Special Investigation Team (SIT) on black money Tuesday held a meeting and reviewed some important tax evasion and money laundering probe cases like the recent 'Panama Papers' disclosures and those related to bank frauds.
The instruction to DRI comes on the heels of US-based think-tank Global Finance Integrity stating in a report that India had fourth largest outflow of black money in the world with a whopping USD 51 billion being siphoned out every year between 2004 and 2013.
Government has bolstered the capabilities of the elite Financial Intelligence Unit (FIU), which can now dish out volumes of data on suspicious transactions in 72-hours flat and gain access to secret database of offenders maintained by various law enforcement agencies in the country.
Tightening the noose around Indians whose names figured in the 'stolen' Swiss HSBC bank black money list, the Enforcement Directorate has begun a preliminary investigation in these cases for an independent hawala and money laundering probe.