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WHAT ARE PANDORA PAPERS

Pandora Papers

The massive trove of private financial records refers to 'Pandora Papers' that reveal how the world's wealthiest people and corporations hide huge amounts of funds overseas.

A global investigation into the shadowy offshore financial system that allows multinational corporations, the rich, famous and powerful to avoid taxes and otherwise shield their wealth.

The probe is based on more than 11.9 million confidential files containing 2.94 terabytes worth of private information from 14 offshore services companies leaked to the International Consortium of Investigative Journalists (ICIJ).

More than 600 reporters from around the world, belonging to 150 media organisations spanning across 117 countries, participated in the research for at least two years for the Pandora Papers.

The 'Pandora Papers', a global investigation of offshore entities, is a follow-up to a similar project released in 2016, known as the 'Panama Papers' compiled by the same journalistic group.

The ICIJ involves at least 150 media outlets worldwide, including 'The Indian Express' in India and claims to have obtained as many as 12 million documents from 14 companies in offshore tax-havens.

Watch Video | Decoded: What is Pandora paper Leak?

'Pandora Papers' leak

Millions of leaked documents dubbed as the 'Pandora Papers' by a worldwide journalistic partnership on October 3, 2021, claimed to have uncovered financial secrets of current and former world leaders, politicians and public officials in 91 countries and territories, including India. More than 300 Indian names are part of the list.

Anil Ambani, Vinod Adani, Jackie Shroff, Kiran Mazumdar-Shaw's husband, Niira Radia, Sachin Tendulkar and Satish Sharma, among others, figure in the list of Indians in the 'Pandora Papers' revealed so far. On a world map highlighting the number of politicians linked with offshore dealings, India is shown as having six and Pakistan seven.

The new leak of documents reveals the real owners of more than 29,000 offshore companies. The owners belong to more than 200 countries and territories, with the largest contingents from Russia, the UK, Argentina and China.

What Pandora Papers investigation disclose?

Pandora Papers investigation discloses the undercover owners of offshore firms, unidentified bank accounts, private jets, mansions, yachts and even artworks by Pablo Picasso, Banksy and other artists, by providing such information than what is usually available to law enforcement agencies and cash-strapped governments.

Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been hiding their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter-century, according to a review of nearly 12 million files obtained from 14 firms located around the world.

The Pandora Papers provide more than twice as much information about the ownership of offshore companies.

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