Bachchans deep in Panama muck: Submit papers to ED

Bollywood giant Amitabh Bachchan and daughter-in-law and actress Aishwarya Rai Bachchan in response to a summon by the Enforcement Directorate (ED) have submitted documents of their financial dealings. The papers submitted through their representatives are in connection with the ongoing Panama Papers probe.

The Panama Papers are 11.5 million leaked documents that detail financial and attorney-client information for more than 214,488 offshore entities. The documents, which were leaked in 2015 by an anonymous source dated back to the 1970s, belonged to the Panamanian law firm and corporate service provider Mossack Fonseca. The Income tax department has launched 33 prosecutions linked to the names revealed in the Panama Papers and is probing others.

After Pakistani Prime Minister Nawaz Sharif was disqualified by Pakistan’s Supreme Court owing to his involvement in the Panama Papers case, the tax authorities in India have sped up their investigations in the Panama Papers case in which names of several Indian film stars, politicians and businessmen have been figured.
Records of the Panamanian law firm showed that Amitabh Bachchan served as director of four offshore shipping companies between 1993 and 1997. Amitabh Bachchan, however, has denied any wrongdoing and said that his remittances overseas were in line with Indian regulations. He has also denied any links with the firms named in the Panama Papers.