Hyderabad: Mossack Fonseca, the legal firm that is at the epicentre of the Panama Papers, had acted as an agent for several companies floated by businessmen from Andhra Pradesh and Telangana state in tax havens like the British Virgin Islands.
Interestingly, the name of Emmar scam accused Koneru Madhu has cropped up in the Panama Papers. He had registered 12 companies through Mossack Fonseca according to information available on the files.
The names of three industrialists from Hyderabad, Moturi Srinivas Prasad, Bhavanasi Jaya Kumar and Volam Bhaskar Rao, also figured in the Panama Papers as they too had floated several companies.
Mossack Fonseca had facilitated setting up of these companies. Source said the firm had acted as agent for several firms in Hyderabad that had established offshore entities.
The Panama Papers revealed that Trimex Group of Koneru Madhu had sent clarifications to Mossack Fonseca on April 9, 2013, explaining that he had no direct involvement in the Emmar Boulder Hills project and the CBI had filed the chargesheet based on allegations.
From 2007, Madhu had registered several offshore companies thro-ugh Mossack Fonseca. He has denied allegations of wrong doing or misconduct. He also said there were no illegalities in his offshore business operations.
