Thread by @NewsBytesApp

In a shocking development, cricketer Sachin Tendulkar, Reliance ADAG chief Anil Ambani, Biocon's Kiran Mazumdar Shaw have been named, along with over 300 Indians who have hidden their wealth in offshore accounts, according to Pandora Papers. #PandoraLeaks
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The International Consortium of Investigative Journalists (ICIJ) exposed the 'Pandora Papers'—the largest offshore data leak—which has reportedly revealed the assets of over 100 billionaires, 30 world leaders, 300 public officials, among others. #PandoraPapers

The leak includes 11.9mn leaked files from 14 global firms. These firms had established as many as 29,000 off-the-shelf companies & private trusts in "tax havens" like Panama, Dubai, Monaco, Switzerland, & the Cayman Islands & countries such as Singapore, New Zealand, & US.

Around 380 names of Indian nationality feature in the Pandora Papers. Globally, the list comprises current & former Presidents, heads of state, PMs, etc.—celebrities, billionaires, among others. Notably, Anil Ambani—who has declared bankruptcy—has 18 asset holding offshore firms.

The Pandora Papers also reveal the asset holdings of Jordan's King, Czech PM, former British PM Tony Blair, & the Presidents of Ukraine, Kenya, Ecuador—who had been portrayed as anti-corruption crusaders. Vladimir Putin doesn't appear the list, but, several of his associates do.

Although establishing offshore entities is not illegal in itself, it is a loophole often exploited by tax evaders, fraudsters, and money launderers (many have been named in the leak). The exploitation of such entities for tax evasion costs governments billions in lost revenue.

In terms of data volume, the Pandora Papers represent the largest offshore data leak, containing 2.94TB of data. In comparison, the Panama Papers contained 2.6TB of data leaked from the law firm Mossack Fonseca in 2016. The following year's Paradise Papers contained 1.4TB of data

The Papers also highlight how previous leaks have caused the ultra-rich to shift their offshore entities. For instance, Mossack Fonseca's clients have shifted to other firms. Tendulkar himself liquidated his entity in the British Virgin Islands 3 months after the Panama leak.