Panama Papers leak: Vijay Mallya's hidden wealth in Virgin Islands?

Zee Media Bureau

New Delhi: Is it shocking if the industrialist Vijay Mallya's name crops up in the Panama Papers leak?

As per The Times of India report, Vijay Mallya, who has bee declared as willful defaulter by banks in India, has also been named in the papers released by the International Consortium of Investigative Journalists( ICIJ) among people who may have stashed away wealth in offshore accounts in tax havens.

Liquor baron Vijay Mallya owes around Rs 9000 crore as unpaid loans to different PSUs in India. 

The Supreme Court on Thursday told Mallya to disclose all his assets - movable and immovable and tangible and intangible - and other shareholding and beneficial interests in India and abroad by April 21.

As per the report, details accessed from the ICIJ website showed a British Virgin Islands firm - Venture New Holding Limited - which has been operational from February 15, 2006, is linked directly to Vijay Mallya, and not to any of his companies.

The report added that the operations of Venture New Holding were carried out from 3 Vittal Mallya Road in Bengaluru, which is Mallya's residential address. His offshore has a direct link to a firm named Porticullus Trust Net, which, according to ICIJ, is a 'one-stop solution' for the setting up of offshore accounts, added the report.

Porticullus Trust Net has its origins in Cook Islands - an island group in South Pacific. And, protecting Mallya's identity until the leaks was Sharecorp Limited, which operated as a nominee shareholder, said the report.