Black Money Investment in IPL! The Pandora Papers Impact.
The
International Consortium of Investigative Journalists (ICIJ), an international
media community, revealed the Pandora Papers, which describe the infusion of
cash into the IPL from overseas. Two teams in the IPL are associated with Pandora.
According to Pandora, the money for the two teams in the IPL came from abroad.
The
Rajasthan Royals and the Punjab Kings have received the funds. Companies based
in the British Virgin Islands provided funding for the teams. The team's
proprietors were British nationals of Indian descent according to Pandora
records. Lalit Modi, the IPL's founder, has a tight relationship with all of
the franchise owners.
The Pandora
Papers show how the wealthiest, renowned, and infamous, most of whom were
already on the eye of law enforcement, arranged intricate multi-layered trust
systems for wealth management in nations that are lightly governed for tax
reasons but dominated by strict privacy regulations.
According to
reports, there are approximately 11.9 million leaked files from 14 worldwide
business corporates that established approximately 29,000 off-the-rack private
corporations trusts for clients worldwide in not only ambiguous tax
jurisdictions but also countries such as Singapore, New Zealand, and the United
States.
The ICIJ has
recently published the identities of Indians who are covertly earning crores of
rupees overseas. Cricketer Sachin Tendulkar, his wife Anjali and father-in-law
Anand Mehta are on the list.
The central
government has stated that it will conduct an investigation into the incident.
The investigation will be led by the head of the Direct Tax Board (CBT).
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