16 April 2013

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ICIJ Expose 9 Indian Names who got the BVI, Bank Accounts in Tax Heaven

ICIJ Expose 9 Indian Names who got the BVI, Bank Accounts in Tax Heaven

I do not know why People open account in tax heavens.

Do you think they open the bank accounts in tax heavens to hide the black money, which can be used to do black deeds?

Following are the names of nine Indians who are names by ICIJ who got the bank accounts in tax heavens.

Ravikant Ruia is a member of India's fourth richest family. He is vice-chair of Essar Group, a multinational conglomerate

The documents obtained by ICIJ show he has three firms in the British Virgin Islands (BVI).
His daughter, Smiti, is a shareholder in two of them.
One of Ruia's flagship companies, Essar Power, has further BVI entities that are named in the ICIJ documents.

Another owner of BVI companies is Teja Raju Byrraju. He is the eldest son of Ramalinga Raju, the former chairman of Satyam Computers, who was jailed in a fraud case

The documents obtained by ICIJ appear to show that the son, Teja Raju, registered two BVI companies in 2007, Global Network Overseas and Stapley Universal Limited. Their purpose is unclear.

Vijay Mallya, an elected member of the upper house of India’s parliament
The documents obtained by ICIJ show Mallya linked to a company called Venture New Holding Limited that was registered in the BVI in 2006.
Mallya is a non-resident Indian with business activities in different parts of the world.

Another member of Parliament that appears to be listed in the ICIJ documents is Vivekanand Gaddam, a member of the ruling Congress Party. 

Gaddam is also vice-chairman of Visaka Industries, which produces about one quarter of India's asbestos needs.

Gaddam and his wife Saroja are listed as directors and shareholders of a BVI company called Belrose Universal Limited, which was incorporated in September 2008.

Another on the list is textile and fertilizer tycoon Abhey Kumar Oswal.

The documents appear to show that Oswal registered 11 companies in Samoa and the BVI, beginning in 2006, and that he controlled them through a trust called Rising Wealth Trust, registered in the Cook Islands

The world’s largest producer of cut roses, Sai Ramakrishna Karuturi, also appears in the documents. He and his wife Anitha appear to have registered six BVI companies in 2007.

Also on the ICIJ list are two prominent Mumbai-based jewelers, Rashmi Kirtilal Mehta and his son Bhavin Mehta.

Father and son are shown as joint shareholders in a BVI company registered in 2004 called Bapaji Incorporated.

Praboth Mehta, another prominent business figure in India, was named in 2011 as one of 18 Indians who had bank accounts in the European tax haven of Liechtenstein.

Another name on the Liechtenstein list was the late K M Mammen Mappillai, the founder of India’s leading tire manufacturer, MRF Tyres.
The documents show a BVI company called Moon Mist Enterprise Limited.

Mappillai's two sons, MRF chairman Kandathil Mammen and its managing director Arun Mammen, along with Kandathil's son Rahul Mammen Mappillai, a MRF director, are shown as directors of the BVI firm.

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Source – ICIJ

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Tuesday, April 16, 2013

Tags –ICIJ Tax Heaven Expose


MEcoy April 16, 2013  

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