Who leaked Panama Papers & Why Is It The Biggest Data Leak In History?

What is Panama Paper Leak Case?

An unprecedented escape from 11.5 million secure database files from a well known global legal giant, Mossack fonseca is what was called famous Panama Papers Case. I did not understand? Try reading the article below. In plain language, the Panamanian newspapers exposed the world’s rich and powerful about how they move their money out of their countries to secret tax havens. It also includes the names of various Indians. Aishwarya Rai Bachchan It is a new name that has been added to the list and has been questioned by the Enforcement Directorate (ED) of India. She has been called for an investigation into the Panama escape case 2016.

Recently, a new leak of documents from the Panamanian law firm Mossack Fonseca has revealed new ties abroad from a variety of global elites.


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Panama paper case: How were the records found?

The records were found from an anonymous source by the German newspaper, Süddeutsche Zeitung. The data was shared with the International Consortium of Investigative Journalists (ICIJ), which in turn shared it with a large network of international partners that included media giants such as the BBC and the Guardian. The publication of these articles began in April 2016.

Panama paper box: About Mossack Fonseca

Mossack Fonseca is a Panama-based law firm that is known for its factory-like offshore company production for its global clientele. Leaked company documents revealed a list of people who had paid the organization to take advantage of the secret, lax regulatory system in which it operated. The main objective was to establish offshore entities in tax havens around the world.

Mossack Fonseca’s services include incorporating companies in offshore jurisdictions such as the British Virgin Islands. It also runs offshore companies for an annual fee. Other services also include wealth management.

The organization has a global network with 600 people working in 42 countries. The company has franchises all over the world. where separately owned affiliates register new customers and have exclusive rights to use their brand. Mossack Fonseca operates in tax havens such as Switzerland, Cyprus and the British Virgin Islands, and in the British crown dependencies Guernsey, Jersey and the Isle of Man.

Featured names revealed in the Panama Papers:

Twelve national leaders have been named in the leaked documents with a $ 2 billion trail leading to Russian President Vladimir Putin. His best friend, Sergei Roldugin, is at the center of a scheme in which money from Russian banks is hidden abroad. They are among the list of 143 politicians, their families and close associates from around the world.

Some notable inclusions are Nawaz Sharif, former Prime Minister of Pakistan, Ayad Allawi, former Acting Prime Minister and former Vice President of Iraq, Petro Poroshenko, President of Ukraine, and more.

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Paper leak in Panama: How many Indians are on the list?

According to the Panama Papers, more than 500 Indians are present on the firm’s list of offshore companies, foundations and trusts. Almost 234 Indian passports were handed over by clients, media outlets revealed after an investigation of 36,000 files was conducted.

Indians linked to the tax haven company are being summoned by the Department of Education to explain their remittances abroad since 2004 under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India (RBI).

Check the few names on the list from India and abroad below:

Aishwarya Rai Bachchan

Bollywood actor, model

Ravindra Kishore Sinha

Rajya Sabha MP from Bihar, India (BJP)

Anurag Kejriwal

Former Chairman of the Delhi Branch of the Lok Satta Party (India)

Vijay mallya

Former Rajya Sabha MP

Anil Vasudev Salgaocar

Former member of the Legislative Assembly of Goa

Amitabh bachchan

Bollywood actor

Salman from Saudi Arabia,

King of Saudi Arabia

Hamad bin Khalifa Al Thani

Former Emir of Qatar

Khalifa bin Zayed Al Nahyan

President of the United Arab Emirates and Emir of Abu Dhabi

Mauricio Macri

Former President of Argentina

Ayad allawi

Former Acting Prime Minister of Iraq

To see the full list of people involved Click here.

Panama paper case: How big is this leak?

The data leak is larger than the US diplomatic cable leak published by WikiLeaks in 2010 and the Snowden leak in 2013. This data leak equates to 2.6 terabytes of data from the internal database of Mossack. The organization works for more than 3,000,000 companies around the world. More than half of them were registered in tax havens administered by Great Britain.

Paper leakage case in Panama: What are the repercussions?

All offshore structures are not completely illegal or fraudulent. Not all are tax havens, but some cases like these raise questions about the authenticity of all of them. Some business houses in countries like Russia and Ukraine place their assets abroad to defend them from raids by criminals. Also, the taxpayers’ money of any country should not go out. Ultimately, it is part of the country’s economy and forms a parallel around it once it leaves the nation’s facilities.


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