`Kebab-me-Mirchi' surfaces in ED probe into Panama Papers 500

All the Indians who have stashed away part of their black money without paying local taxes abroad are likely to get away with small fines, those who are anlysing the Panama Papers say. According to the International Consortium of Investigative Journalists (ICIJ), the records of the offshore operations of the individuals will be supplied to the Income-tax Department by the governments concerned under the Duble-Taxation Avoidance Agreement meant exclusively for tax purposes and not prosecution. The defaulters will thus get immunity under the provisions of the Prevention of Money Laundering Act and also under the Foreign Exchange Management Act, both of which come under the purview of the Enforcement Directorate. The redeeming feature is there is no amnesty now, and the tax penalty can be levied, getting money for the exchequer. The ED, however, acted faster than the IT authorities and called for records of the 500 Indians from its various zones. If it finds any lacunae, the ED can conduct raids. It was during these investigations that the ED found the case of the late Iqbal Mirchi, aide of underworld don Dawood Ibrahim. The ED had found dozens of accounts of Mirchi linking him to operations in Europe and Asia in clear violation of the Money-Laundering Act.