Probe into Panama leaks is on, Supreme Court told

New Delhi: The Centre on Thursday informed the Supreme Court that it has constituted a multi-agent group to inquire into the materials contained in the Panama Papers leaks relating to over 500 accounts in offshore banks.

Additional Solicitor General Tushar Mehta, appearing for the Centre, gave this information before a bench of Justices Dipak Misra and Amitav Roy hearing a PIL seeking probe into the Panama paper leaks.

Mr Mehta said the relief sought in the writ petition filed by advocate M.L. Sharma has been dealt with and a multi-agent group has been set up consisting of officers of the Central Board of Direct Taxes, Enforcement Directorate, RBI, ED and the Financial Investigation Unit.  The member (investigation) of the CBDT has been nominated as convener of the group.

Mr Mehta also informed the court that this committee has submitted five reports to the Special Investigation Team which has been constituted by this court and the SIT has submitted the said reports to this court in a sealed cover. He said there was nothing left and the petition may be dismissed.

Advocate Sharma, however, insisted that he would produce materials to drive home the point that the government had not taken the Panama paper leaks seriously. Senior counsel Arvind P. Datar for Sebi said the regulator had nothing to do Panama leaks. The bench, however, granted time to Mr Sharma to file additional material and adjourned the case to second week of January, 2017. The petitioner said the PIL raised important questions including whether whether holding offshore accounts is not an offence.