Panama Papers ?? Scam Of The Decade?

After the disclosure of the grand Panama Papers Scam, a lot of politicians, sportsmen and actors from about 40 countries are frowned upon by the people. Panama Papers are a set of certain confidential documents of a Panamanian law firm and corporate service provider named Mossack Fonseca, which were leaked thus revealing their technique of hiding the financial assets of its anonymously rich clients.

Mossac Fonseca, functioning since 1977 with Jürgen Mossack and Ramón Fonseca as the founders, facilitated incorporating companies in offshore jurisdictions, administering offshore firms and providing wealth management services. According to the statistics as of April 2016, it is the fourth largest offshore law firm in the world. Almost a year before the Panama Papers Scam, 2.6 terabyte of data containing about 11.5 million documents created by Mossack Fonseca (since 1977 to 2015) was provided to Süddeutsche Zeitung, a renowned German newspaper, by an anonymous source which was being analysed since then. About 400 journalists at 107 media organizations from the US based International Consortium of Investigative Journalists (ICIJ) studied the data and released their first report on the Panama Papers on the 3rd of April, 2016. It is believed that a complete list of the shell companies would be released in May, 2016. The source of the data decided to keep a hidden identity due the fear of losing his life and only communicated through encrypted channels demanding never to meet in person. The Panama Papers leak provide information about 214,000 companies which served as ‘shell companies’ for concealing the wealth of the people combined with the details of the shareholders and the directors of the companies. The Mossack Fonseca has about 500 employees and 40 offices around the world. The firm acted on behalf of more than 300,000 companies, most of which are registered in the UK or the British – administered tax havens.

The Panama Papers reveal a number of government officials as the clients of the Mossac Fonseca. Argentina President Mauricio Macro, UAE President Khalifa bin Zayed Al Nahyan, Ukraine President Petro Poroshenko, King Salman of Saudi Arabia and also the Prime Minister of Iceland Sigmundur David Gunnlaugsson (who resigned on the 5th of April, 2016). Among other famous personalities are Lionel Messi, Jackie Chan, former president of CONMEBOL Eugenio Figueredo, former Secretary General of FIFA Jérôme Valcke, children of Pakistani Prime Minister Nawaz Sharif, father of British Prime Minister David Cameron and also brother-in-law of China’s paramount leader Xi Jinping. From Indian celebrities, Amitabh Bachchan, Aishwarya Rai Bachchan, DLF owner Kushal Pal Singh and Sameer Gehlaut of Indiabulls.


A lot of close friends and relatives of various high profile people have also been mentioned. Among them are Russian President Vladimir Putin’s friends, Gautam Adnani’s elder brother Vinod Adnani and also Sigmundur Gunnlaugsson’s wife.

With all this going on, Indian Prime Minister Narendra Modi is pressing on to a deeper investigation and session about the Panama Scam within the country which will surely bring out the hidden faces of a lot of ‘gentle’ and ‘elite’ personalities.

– Nimisha Bhardwaj