A multi-agency group (MAG) probing the Panama Papers leak will look into the 'Paradise Papers' on financial holdings abroad that list 714 Indian individuals and entities, official sources said today.


The sources said the MAG, constituted in April last year to investigate the legality of money stashed in offshore entities by Indians named in the Panama Papers, would probe the latest disclosure made by the International Consortium of Investigative Journalists (ICIJ).


The MAG comprises officials from the Central Board of Direct Taxes, the Income Tax Department, the Enforcement Directorate, the Financial Intelligence Unit and the RBI among a few others.


The panel will first "go through" the details of income tax returns filed by the 714 Indian individuals and entities named in the 'Paradise Papers' and subsequently take action, in a case-to-case basis, the sources said.


The CBDT says that the revelations made today in the media under the Paradise Papers indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationalities, India ranks 19th in terms of number of names. 714 Indians reportedly appear in tally.  -- PTI