Daijiworld Media Network
Bengaluru, Apr 4 : Rajendra Patil, son in law of Minister Shamanur Shivashankarappa, a businessman and educationist who owns medical and engineering colleges in Davangere, has been named in one of 500 names listed in Panama papers.
According to Indian Express report, Patil runs a sugar export company and is also involved with energy, aviation, textile, education and Internet firms run by the Shivashankarappa family. According to MF records, Patil and two associates, Sanjay Nadgouda and Shashank Angadi, set up an offshore firm called Elgenburg Ltd in the British Virgin Islands in 2007 with an initial shareholding of 50,000 shares with Patil holding 22,500 of them.
The records show a commercial complex owned by the Shivashankarappa family in Bengaluru as Patil’s address in India.
When India Express daily contacted Patil, he said “The company was created in 2007 as a buyer for issuing letters of credit in Europe. We were trading in agricultural commodities. We did one deal but suffered losses of Rs 1 crore so we shut it down the same year.”
As many as 500 Indians have been named in a massive leak of 11.5 million tax documents exposing their secret offshore dealings. An investigation by The Indian Express claimed that Amitabh Bachchan and Aishwarya Rai Bachchan are also named in the massive leak of documents from the secret files of Mossack Fonseca, a law firm based in tax haven Panama.
Minister Shamanur Shivashankarappa
Other noted Indians named in the leak are real estate giant DLF's owner KP Singh and nine members of his family, and the promoters of Apollo Tyres and Indiabulls. Adani Group's Gautam Adani's elder brother Vinod Adani also feature on the list, the report said.
According to the report, two years before he launched the Amitabh Bachchan Corporation Limited (ABCL) in 1995, the Bollywood superstar was appointed director in at least four offshore shipping companies. Records of international law firm Mossack Fonseca and subsequent inquiries show that the four companies, in which Bachchan was appointed director, were registered in tax havens - one in the British Virgin Islands and three in the Bahamas in November 1993.