'Panama Papers' revelations trigger global probes

April 05, 2016 03:54

Spain, France and several other countries including India launched tax evasion probes on Monday after a massive leak of confidential documents lifted the lid on the murky offshore financial dealings of a slew of politicians and celebrities.

The scandal erupted when media groups began revealing the results of a year-long investigation into a trove of 11.5 million documents from the law firm Mossack Fonseca, which specialises in creating offshore shell

companies in the tax haven of Panama.

Among those accused are close associates of Russian President Vladimir Putin, relatives of Chinese leader Xi Jinping, Iceland's Prime Minister Sigmundur David Gunnlaugsson, Barcelona striker Lionel Messi, other world leaders and Indian celebrities like Amitabh Bachchan and Aishwarya Rai.

The trove of documents, known as the Panama Papers, was anonymously leaked to German daily Sueddeutsche Zeitung and shared with more than 100 media groups by the International Consortium of Investigative Journalists, with more information expected to be released over the coming days and weeks.

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