ED summons Aishwarya Rai in Panama Papers leaks case: Here’s what you need to know

The Enforcement Directorate (ED) has summoned actor Aishwarya Rai Bachchan for questioning in a case linked to the Panama Papers leaks case. The ED has been probing the case since 2016 when the global leaks came to light.

The ED issued notices to the Bachchan family asking them to explain their foreign remittances since 2004 under the Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS).

Here’s why the Bachchan family is being probed:

--Amitabh Bachchan has been made the director of 4 companies, 3 in Bahamas and 1 in Virgin Islands. These companies were made in 1993.

--The capital of these companies are in between USD 5,000 to 50,000.

--Aishwarya Rai was made the director of one of these companies initially, but later she was declared the shareholder.

--Her parents and brother were also declared partners in the company.

--This company was made in 2005 and dissolved in 2008.

Some other instances of alleged irregularities linked to the family are also under the scanner of the federal probe agency, the officials said.

Dubbed as Panama Papers, an investigation of a stockpile of records from Panamanian legal firm Mossack Fonseca by the International Consortium of Investigative Journalists had named several world leaders and celebrities who had allegedly stashed away money abroad in offshore companies. Some of them are stated to be holding valid overseas accounts.

Here are some details you should know about the Panama Papers leaks case, which are taken from the questions being asked in the Rajya Sabha:

--Rajya Sabha MP Sukhendu Sekhar Ray had raised some questions regarding the Panama Papers in August, 2021.

--As on 01.06.2021, total undisclosed credits amounting to Rs 20,078 crore have been detected with respect to India linked entities in the Panama Paper Leaks.

--Disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

--Income Tax Department has been taking appropriate actions in case of persons, who are found to be involved in violation of the provisions of various Acts administered by the Income Tax Department like the Income Tax Act, 1961, and Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 etc.

Such actions under direct tax law include searches and seizure, surveys, enquiries, assessment and reassessment of income, levy of taxes along with interest, levy of penalties, filing of prosecution complaints in criminal courts etc.

--In 46 cases of Panama Paper Leaks, Criminal prosecution complaints have been filed of which 20 cases are under the Income Tax Act, 1961 and 26 cases are under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 put together.

--The Panama Paper Leaks contained 426 cases of unique entities with an India link.

--Investigations have been conducted in all 426 cases.

(With inputs from agencies)