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PM Modi orders multi-agency probe into offshore holdings of Indians

The government on Monday set up a multi agency team to investigate al leged offshore holdings of about 500 Indians named by the International Consortium of Investigative Journalists (ICIJ). Finance minister Arun Jaitley promised strict action against any “unlawful” accounts. The probe was ordered after PM Narendra Modi discussed the issue with the FM.”The multi-agency group will comprise various government agencies -the CBDT, FIU (Financial Intelligence Unit), FT&TR (Foreign Tax and Tax Research) and RBI. They will continuously monitor these (accounts) and whichever accounts are found to be unlawful, and strict action as per existing laws will be taken,” Jaitley said.

Governments across the world launched investigations -Australia, Austria, France, Sweden and the Netherlands were among those which said they had begun probing the allegations, based on more than 11.5 million documents. The finance ministry said the government would seek “maximum information from all sources, including foreign governments to help in the investigation process”.

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