Pandora Papers, which contains millions of leaked files from corporate entities around the world that had set up offshore companies and trusts for evading taxes, has now got an IPL connection as franchise Rajasthan Royals (RR) and Punjab Kings (PBKS) have come under the scanner. According to the latest CNBC report, Gaurav Burman, husband of Lalit Modi’s step-daughter, “routed funds from a British Virgin Island entity to a Mauritian company”, which happens to be a holding company of KPH Dream Cricket Private Ltd (owner of Punjab Kings).
As per the quotes in the Indian Express, while denying the wrongdoing, Burman said, “Everything to do with KPH Kings XI was thoroughly investigated by the BCCI and the Enforcement Directorate. The BCCI had actually terminated our franchise. We went to court and won that case. Our franchise was restored.”
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The expose conducted by the International Consortium of Investigative Journalists (ICIJ) which includes some journalists from BBC and The Guardian further reveals that Suresh Chellaram, who is the husband of Lalit Modi’s sister-in-law, also directed “funds through a British Virgin Island entity that enjoys a 44.15 percent stake in Mauritian company” in the name of EM Sporting Holdings, which also happens to be a holding company of Royal Multisport Private Ltd (owners of Rajasthan Royals).
This is not the first revelation in the Pandora Paper row involving anyone from the Indian cricket fraternity as legendary cricketer Sachin Tendulkar was recently found to be an owner of an offshore entity in the British Virgin Island, which was liquidated in 2016.
However, elaborating the sam, the ICIJ report said, “Tendulkar’s attorney said the cricket player’s investment is legitimate and has been declared to tax authorities. Shakira’s attorney said the singer declared her companies, which the attorney said do not provide tax advantages. Schiffer’s representatives said the supermodel correctly pays her taxes in the UK, where she lives.”
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The Pandora Papers investigation is ongoing and it has been unfolding how the elite and rich have set up complex structures in tax havens to avoid paying more tax. Some of the most popular names being exposed thus far include the presidents of Ukraine, Kenya, and Ecuador; former British Prime Minister Tony Blair; the prime minister of the Czech Republic; King Abdullah II, the King of Jordan; pop star Shakira and Indian billionaire Anil Ambani.
