After the Supreme Court directed him to disclose all assets held by him and his family, after a group of banks rejected his offer to repay Rs.4,000 crore to settle the debts of his grounded Kingfisher Airlines Ltd, his name has appeared in the list of public figures in the massive Panama data leak, a leading English Daily reported.
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The ICIJ said that his offshore is directly linked to one Porticullus Trust Net which is a ‘one-stop solution’ for setting up offshore accounts, the report said. Porticullus is located in the Cook Islands in the South Pacific.
Kingfisher, which ceased operations in October 2012, owed the banks, mostly state-run, Rs 9,091 crore including interest and fees as of last November.
The Panama Papers are set of leaked documents which show how law firm Mossack Fonseca helped clients launder money, dodge sanctions and evade tax with offshore accounts. However, offshore accounts do not by default indicate illegality.