The largest collection of documents in the Panama Papers relating to Indians names belongs to brothers Chetan Kapur and Kabir Kapur and their entity - the family ventures the “Family and Children Charitable Foundation (FCCF), incorporated by Mossack Fonseca in 2010.
Chetan Kapur, an Indian-born hedge fund manager settled in New York, is serving a jail term in the US for alleged fraud.
The entire expose is the outcome of millions of leaked documents of Panama law firm Mossak Fonseca. The records show that the principle beneficiary of the FCCF is Kabir Kapur. Also in the documents the assets of the Foundation are listed as the balance in the Swiss Private Bank Vontobel AG. The documents show that Opler was bought by Chetan Kapur from Mossack Fonseca for $6,750 and three years later the FCCF owner and protector was confirmed. Later the FCCF changed hands from Chetan to Kabir Kapur.
The Panama leak paper says, “There are 499 sets of documents in Kapur files and they show that Opler, a ‘vintage offshore company’, was purchased by Chetan Kapur from Mossack Fonseca for $6,750 in 2007. It was only three years later that FCCF (the foundation) was set up,” the paper adds, that “in January 2013, he (Chetan) was indicted by US Securities and Exchange Commission and ordered to pay $4.95 million in fines and barred from securities, brokerage and investment business”.
The story is going on endlessly, with this extraordinary tale of an Indian family who are now a dubious part of the Panama Papers – the naming and shaming act is expected to continue and involving more such names worldwide. Currently, it has been decided that the Tax avoidance issue will be taken up seriously at the next G20 Leaders' Summit. No wonder, the Panama Papers is called as the biggest leak in the history of data journalism.