New Delhi, Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based "opaque" investment funds by partners of promoter family, the <keyword id="13223720" type="General" weightage="20" keywordseo="organised-crime-and-corruption-reporting-project" source="Orion">Organised Crime and Corruption Reporting Project</keyword> (<keyword id="12406255" type="General" weightage="20" keywordseo="occrp" source="Orion">OCCRP</keyword>) alleged on Thursday. The fresh allegations by an organisation funded by likes of <keyword id="101566" type="General" weightage="50" keywordseo="george-soros" source="Orion">George Soros</keyword> and Rockefeller Brothers Fund come months after a US short seller wiped away close to USD 150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures. The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who OCCRO claimed have longtime business ties to the Adani family and have also served as directors and shareholders in group companies and firms associated with Gautam Adani's elder brother, Vinod Adani, "spent years buying and selling Adani stock through offshore structures that obscured their involvement - and made considerable profits in the process." The documents "show that the management company in charge of their investments paid a Vinod Adani company to advise them in their investment," it alleged. While Adani group did not immediately comment on the fresh allegations, to OCCRP it stated that the Mauritius funds in question had already been named in the US short seller <keyword id="191733" type="General" weightage="20" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> report and the "allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg's allegations." "It is categorically stated that all the Adani Group's publicly listed entities are in compliance with all applicable laws including the regulation relating to public share holdings," it told the OCCRP. PTI had on August 24 reported that the Soros-funded organisation, which calls itself "an investigative reporting platform formed by 24 nonprofit investigative centres...spread across Europe, Africa, Asia and Latin America", is planning publication of fresh allegations against a top Indian corporate. OCCRP asked if Ahli and Chang should be considered to be acting on behalf of Adani promoters. "If so, their stake in the Adani Group would mean that insiders altogether owned more than the 75 percent allowed by law," it said, adding this violated Indian listing law. It went on to state that there was no evidence Chang and Ahli's money for their investments coming from the Adani family, but said its investigation showed there "is evidence" that their trading in Adani stock "was coordinated with the family." "The Adani Group's rise has been staggering, growing from under USD 8 billion in market capitalization in September 2013 - the year before Modi became prime minister - to USD 260 billion last year," it said. The conglomerate is active in a dizzying array of fields, including transportation and logistics, natural gas distribution, coal trade and production, power generation and transmission, road construction, data centres, and real estate.

Hindenburg 2.0: OCCRP alleges Mauritius-based opaque funds invested millions of dollars in Adani stock

Citi, which was once perceived as a master in regulatory arbitrage, has warned the government about Paris being the latest tax haven after Mauritius came into eyes of the government and lost its charm. Citi recently met with officials from the <a href="http://www.businessinsider.in/politics/finance-minister-arun-jaitley-gets-defence-ministry-after-manohar-parrikar-heads-to-goa/articleshow/57618660.cms">finance ministry</a> and pointed out how some global banks and funds are making use of the treaty that India has with France, in a bid to escape tax. Also read: <a href="http://www.businessinsider.in/income-tax-dept-sues-570-tax-evaders-gets-mercy-applications-from-another-1200/articleshow/57651247.cms">Income tax dept sues 570 tax evaders; gets mercy applications from another 1,200</a> Over the past few months, a few leading foreign portfolio investors (FPIs) have established themselves in Paris, so that they can pull offshore investors and issue participatory notes (PNs). These PNs are derivatives sold to foreign investors who are willing to trade in Indian stocks. Until the end of March 2017, such business was carried out of Mauritius; however, soon after India and Mauritius <a href="http://www.businessinsider.in/markets/economy/Mauritius-tax-haven-no-more-India-signs-new-deal-to-prevent-abuse-of-tax-avoidance-treaty/articleshow/52207548.cms">amended their tax treaty</a>, it lost its charm. As per the amendments effective from April 2017, Indian securities bought by Mauritius entities would attract capital gains tax. Also read: <a href="http://www.businessinsider.in/dubai-no-longer-a-tax-haven-indians-rush-to-hide-undeclared-wealth/articleshow/57627539.cms">Dubai no longer a tax haven! Indians rush to hide undeclared wealth</a> "Citi and some of the other banks are losing business as many clients are choosing to deal with FPIs located in Paris or The Netherlands," an official with a brokerage told <a href="http://economictimes.indiatimes.com/news/economy/finance/paris-replacing-mauritius-as-tax-haven-citi-alerts-finance-ministry/articleshow/58230973.cms">ET</a>. (Image source Thingiverse)

Paris is becoming the new tax haven, Citi warns Finance Ministry

<img class="gwt-Image" src="/photo/52207730.cms" /> <keyword id="2581418" type="UNKNOWN" weightage="100" keywordseo="India-Mauritius">India-Mauritius</keyword> deal has shaken the economic policies of both the countries. In a bid to prevent "abuse" of the <keyword id="45031" type="PERSON" weightage="100" keywordseo="Tax">tax</keyword> avoidance treaty, India today signed with Mauritius an amendment to the pact to get rights to tax capital gains on shares of Indian company sold after April 1, 2017. 

	With the signing of the amendment to the Double Taxation Avoidance Convention (DTAC) with Mauritius, sale of shares of an Indian resident company will be taxed at 50 per cent of the applicable rate between April 1, 2017, to March 31, 2019.
 

	Full capital gains tax will apply from April 1, 2019.
 

	"The Protocol will tackle the long pending issues of treaty abuse and round tripping of funds attributed to the India-Mauritius treaty, curb revenue loss, prevent double non-taxation, streamline the flow of investment and stimulate the flow of exchange of information between India and Mauritius," a finance ministry statement said.
 

	India had in 1983 signed a Double Taxation Avoidance Treaty with the island nation of just 1.3 million people which had become one of the biggest single source of foreign direct investment into India.
 

	New Delhi had often complained about the deal's terms as a chunk of the funds were not real foreign investment but Indians routing cash through the island to avoid domestic taxes, a practice known as "round tripping".
 

	And today an amendment to DTAC was signed in a bid to ensure that firms in Mauritius that invest in India are not just 'shell' companies who could earlier avoid paying capital gains tax in India.
 

	The DTAC till now provided that capital gains on sale of assets in India by companies registered in Mauritius can only be taxed in Mauritius. While short-term capital gains are taxed at 10 per cent in India, they are exempt in Mauritius.
 

	So, such companies escape paying taxes in both countries.
 

	The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius was signed at Port Louis, Mauritius today.
 

	Revenue Secretary Hasmukh Adhia said that the treaty amendment "brings about a certainty in taxation matters for foreign investors". 
	 
	(Image credits: indiatimes)

Mauritius tax haven no more? India signs new deal to prevent abuse of tax avoidance treaty

<img class="gwt-Image" src="/photo/49641121.cms" />Switzerland is still Number 1 when it comes to keeping secrets. 
 
As per the Financial Secrecy Index 2015 by Tax Justice Network (TJN), Switzerland retained its top slot, while Hong Kong was ranked second. 
 
The biennial FSI ranking is based on a combination of a country's secrecy score and a scale-weightage based on the country's share in the global market for its offshore financial services. 
 
The US climbed from sixth to third spot. 
 
It is noteworthy that Switzerland, US, Singapore and Germany figure in the top 10 list of FSI-2015 and are also top FDI investors to India. 
 
Mauritius is India's top FDI investor and has a secrecy score of 72, whereas India's second largest FDI investor, Singapore, has a lower secrecy score of 69 points. 
 Other <keyword id="1207559" type="UNKNOWN" weightage="20" keywordseo="investors-in-India">investors in India</keyword> including UK, Japan and Netherlands have an FSI rank of 15, 12 and 41, respectively. 
 
"Switzerland stays at the top of the index and for good reason: Despite what you may have heard, Swiss banking secrecy is far from dead, though it has curbed its secrecy somewhat,” stated TJN. 
 
It also stated US is more of a cause for concern than any other individual country, because of both the size of its offshore sector and also its rather recalcitrant attitude to international co-operation and reform. Though it has been a pioneer in defending itself from foreign secrecy jurisdictions, aggressively taking on the Swiss banking establishment and setting up its technically quite strong foreign account tax compliance act (FATCA), it provides little information in return to other countries. 
 
The UAE (Dubai), which is India's eleventh largest investor, has been ranked tenth in FSI-2015. 
 
Meanwhile, the average secrecy score fell from 66 to 60 when compared to FSI-2013. 
 
Liz Nelson, director at TJN, adds, "None of the reforms we've seen would have taken place without pressure from civil society and the streets. G7 and G20 leaders will do nothing unless pushed from below. So it's essential to keep up the pressure, especially on matters such as implementing public disclosure of company ownership and, crucially, of trusts." 
 
(Image: Thinkstock)

You need a country to stash away your black money, head to this country that serves as the world’s no.1 tax haven

New Delhi, Feb 25 () Market regulator Sebi on Tuesday said foreign investors from Mauritius will continue to be eligible for FPI registration with increased monitoring as per international norms. The announcement comes after the tax haven was put on the 'grey list' of Financial Action Task Force (FATF) -- an inter-governmental policy making body that sets anti-money laundering standards. A significant percentage of foreign portfolio investors (FPIs) investing in the Indian market is registered in Mauritius. Following the FATF notice, some fund managers knocked on Sebi's door overnight, raising concerns over validity of FPI registration done through the tax haven. The regulator on Tuesday said, "Foreign investors from Mauritius will continue to be eligible for FPI registration with increased monitoring as per FATF norms". For several years, there have been apprehensions about Mauritius being a money laundering route for FPIs due to its limited regulatory oversight. But, the Indian Ocean island nation has been taking several steps in recent years to address the concerns. ANSANS

Foreign investors from Mauritius to continue being eligible for FPI registration: Sebi

<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5d7668792e22af1bad19d067-2000/2005-07-22t000000z849167469rp6drnaudwadrtrmadp3economy-china.jpg" border="0" alt="trader shadow silhouette china" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="Reuters / Aly Song" /></div></div></div><ul><li>Roughly 40% of foreign direct investment is "phantom capital" being used to avoid or pay lower corporate taxes, according to a new <a href="https://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm" target="_blank" rel="noopener">study</a> by the IMF and University of Copenhagen. </li><li>While foreign direct investment can be beneficial to economies hosting money, using shell companies to pay lower taxes is "financial and tax engineering," according to the study. </li><li>Tax havens like Luxembourg hold the majority of phantom foreign direct investment, the study found. </li><li><a href="https://markets.businessinsider.com/">Read more on Markets Insider. </a></li></ul><hr />About 40% of all foreign direct investment is "phantom capital" that's being used by multinational firms to pay lower corporate taxes, according to a <a href="https://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm">new study by the International Monetary Fund</a> and the University of Copenhagen. That's about $15 trillion globally - or roughly the size of annual gross dometic product for China and Germany combined, the study showed. Phantom investment has picked up in the last decade, expanding to 40% of all FDI from 30%. That growth rate is faster than global GDP over the same timeframe. FDI, defined as "cross-border financial investments between firms belonging to the same multinational group," can be hugely beneficial to countries, the study said. Countries even have policies to attract it because of its ability to drive integration, stimulate growth, create jobs, and boost productivity in local economies. But phantom FDI - or investments that pass through empty corporate shells that don't do any real business - is "financial and tax engineering," blurs statistics, and makes it difficult to understand the true economic integration, the study said.<a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel" target="_blank" rel="noopener">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a>The vast majority of phantom FDI is being held in well-known tax havens. Luxembourg and the Netherlands hold nearly half, the study showed. Add in Hong Kong, British Virgin Islands, Bermuda, Singapore, the Cayman Islands, Switzerland, Ireland, and Mauritius and more than 85% of phantom FDI is accounted for. Some countries attract phantom FDI, even luring foreign investment by offering benefits like low or no corporate tax rates. This is because even if shell companies pay little taxes and have few employees, they still boost local economies by buying tax advisory, accounting, and other financial services.They also pay registration and incorporation fees. In the Caribbean, these fees account for most of GDP, along with tourism. But overall, heavy investment in foreign empty shells could indicate that both domestically controlled and foreign multinationals are trying to avoid paying taxes, either to the host economy or the home economy. "Unsurprisingly, an economy's exposure to phantom FDI increases with the corporate tax rate," the study said.

A new study shows 40% of foreign investment is 'phantom capital' being used to avoid taxes

<ul><li>The total amount of <keyword id="6496248" type="UNKNOWN" weightage="20" keywordseo="deposits">deposits</keyword> by Indians rose 50% to a little over 1 billion Swiss francs (₹70 billion), according to data from the Swiss National Bank. </li><li>Last year marked the first time since 2013 that the funds belonging to Indians in Swiss bank accounts actually increased. </li><li>Indian assets in Swiss banks reached an all-time high of 6.46 billion Swiss francs in 2006, but have steadily declined following the imposition of strict controls on tax avoidance and bank secrecy by Swiss authorities. </li></ul>For the more genteel among us, the country of <keyword id="103" type="COUNTRY" weightage="20" keywordseo="Switzerland">Switzerland</keyword> is synonymous with chocolate, cheese, political neutrality and Roger Federer. For the more financially astute, it is synonymous with <keyword id="6663163" type="UNKNOWN" weightage="20" keywordseo="Tax-dodging">tax dodging</keyword>. While Swiss banking authorities have made efforts to clean up the sector and make it more compliant, the country is still an attractive location for the world’s wealthy in search of a safe place to park their assets. In fact, 2017 marked the first time since 2013 that the funds belonging to Indians in Swiss bank accounts actually increased. The total amount of deposits by Indians rose 50% to a little over 1 billion Swiss francs (₹70 billion), according to <a href="https://data.snb.ch/en/publishingSet/BIDS">data</a> from the Swiss National Bank, the country’s central bank. The increase signifies the impact of the Reserve Bank of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s Liberalised Remittance Scheme, under which the limits on remittances from overseas have eased, as well as the gains domestic investors made in India’s stock markets last year. In comparison, the total amount of foreign-owned assets in Swiss banks inched 3% higher to 1.46 trillion Swiss francs in 2017. A clampdown on secrecy Indian assets in Swiss banks reached an all-time high of 6.46 billion Swiss francs in 2006, but have steadily declined following the imposition of strict controls on tax avoidance and bank secrecy by Swiss authorities. Hence, wealthy Indians have shifted funds to other tax havens like Mauritius and Singapore as a result. At home, the Modi administration has made the crackdown on <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="black-money">black money</keyword> and repatriation of funds stashed abroad a top priority, which has also resulted in the decline in Indian deposits in Swiss banks in the last few years. Famously, this was the stated aim of the government’s “demonetisation” initiative in November 2016. In 2015, the government also implemented the Undisclosed Foreign Income and Assets Act, allowing individuals a one-time offer to disclose the value of their assets held abroad. This resulted in the declaration of ₹41 billion worth of assets. In December 2017, Switzerland and India agreed to start sharing tax-related information with each other. This relates to all accounts held by Indians and financial transactions conducted from January 1st, 2018 onwards. The information will likely be made available to Indian authorities on an automatic basis starting in the middle of 2019.

Indians deposited 50% more funds in Swiss banks last year

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> launched a fresh broadside against market regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">Sebi</keyword> chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, alleging she and her husband had stakes in obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal. In a blogpost, Hindenburg said 18 months since its damning report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Citing "whistleblower documents", it said, "Madhabi Buch, the current chairperson Of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal." Obscure offshore Bermuda and Mauritius funds, allegedly controlled by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> -- elder brother of group chairman Gautam Adani -- are alleged to have been used to round-trip funds and inflate stock price. Hindenburg said, "A declaration of funds, signed by a principal at IIFL states that the source of the investment is 'salary' and the couple's net worth is estimated at USD 10 million". "In brief, despite the existence of thousands of mainstream, reputable onshore Indian mutual fund products, an industry she now is responsible for regulating, documents show SEBI Chairperson Madhabi Buch and her husband had stakes in a multi-layered offshore fund structure with miniscule assets, traversing known high-risk jurisdictions, overseen by a company with reported ties to the Wirecard scandal, in the same entity run by an Adani director and significantly used by Vinod Adani in the alleged Adani cash siphoning scandal," it alleged. It went on to cite the Supreme Court order where it was recorded that Sebi had "drawn a blank" in its investigations into who funded Adani's offshore shareholders. "If SEBI really wanted to find the offshore fund holders, perhaps the SEBI chairperson could have started by looking in the mirror," it said. "We find it unsurprising that SEBI was reluctant to follow a trail that may have led to its own chairperson." No immediate comments were available from Sebi. In January last year, Hindenburg Research, which in the past has shorted, or bet against, companies like electric truck maker Nikola Corp and Twitter (now X), accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator Sebi to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than the one being done by Sebi was required. Sebi (Securities and Exchange Board of India), which had been investigating the Adani group even before Hindenburg report, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed. "The current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," Hindenburg said. It said on March 22nd, 2017, just weeks ahead of her wife being appointed SEBI chairperson, Dhaval Buch wrote to Mauritius fund administrator Trident Trust, according to documents we received from a whistleblower. The email was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF). "In the letter, Dhaval Buch requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," it alleged. "In a later account statement dated February 26th, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". "Again, this is the exact same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," it alleged. According to Hindenburg, Madhabi Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani. These investments reportedly date back to 2015, well before Madhabi Buch's appointment as a whole-time member of SEBI in 2017 and her elevation to SEBI chairperson in March 2022. Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by an Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/stock-market/news/unicommerce-esolutions-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112393219.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/unicommerce-esolutions-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112393219.cms" target="_blank">Unicommerce eSolutions IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a>

Hindenburg alleges Sebi head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

<ul><li>On August 25, SEBI had informed the apex court that it has completed its <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> probe.</li><li>The apex court is seized of four PILs on the Adani-Hindenburg controversy.</li></ul> Market regulator SEBI suppressed important facts from the <keyword id="6354977" type="General" weightage="20" keywordseo="Supreme-Court" source="Orion">Supreme Court</keyword> and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student <keyword id="18738982" type="General" weightage="50" keywordseo="anamika-jaiswal" source="Orion">Anamika Jaiswal</keyword>. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate. The Securities and Exchange Board of India (SEBI), in a status report to the Supreme Court, said out of the 24 matters it was probing, findings in as many as 22 are final. In an affidavit filed before the top court, Anamika Jaiswal has said while the investigation against the Adani group was going on in the over invoicing case, the Directorate of Revenue Intelligence (DRI) sent a letter to the then SEBI chairperson in 2014 alerting him that the group may be committing stock market manipulation using the money allegedly siphoned off using the modus operandi of over-valuation in the import of power equipment. The letter was accompanied by a CD containing evidence of siphoning off Rs 2,323 crore and two notes on the case being investigated by the DRI, the affidavit claimed. The letter, the affidavit said, also stated that more documents may be obtained from the Mumbai Zonal Unit of the DRI. "The petitioner herein submits that not only has the SEBI suppressed important facts from this court and slept over DRI alerts, but there is also an apparent conflict of interest in SEBI conducting Adani investigation. "Mr. Cyril Shroff Managing Partner, <keyword id="2839992" type="General" weightage="50" keywordseo="cyril-amarchand-mangaldas" source="Orion">Cyril Amarchand Mangaldas</keyword> has been a member of SEBI's Committee on Corporate Governance, which looks at offences like insider trading," the affidavit said, adding his daughter is married to <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>'s son. This, the affidavit said, shows a clear conflict of interest. The petitioner submitted that five out of the 24 SEBI investigation reports are on insider trading allegations against the Adani group companies. Referring to documents that have been unearthed during investigation by a journalist consortium 'Organized Crime and Corruption Reporting Project', the affidavit said two Mauritius based companies- Emerging India Focus Fund (EIFF) and the EM Resurgent Fund (EMRF)- had invested and traded in a large volume of shares of four Adani companies between 2013 and 2018. "The names of these two companies figure in SEBI's list of 13 suspected Foreign Portfolio Investments /overseas entities but SEBI has been unable to trace their ultimate beneficial owners or economic interest shareholders," Jaiswal has claimed in the affidavit. The petitioner said frequent amendments brought in by SEBI to the regulations and definitions have benefitted Adani Group. "These amendments have in fact provided a shield and an excuse to the Adani Group, due to which their regulatory contraventions and price manipulations remained undetected. "Even now, the expert committee has cited the said amendments as an excuse to declare that the investigation with regard to issues as mentioned in Hindenburg Report may be a journey without a destination," the affidavit said. Hindenburg Research, in a January 24 report, had alleged accounting fraud, stock price manipulation and improper use of tax havens, triggering a stock market rout of the Adani group shares that erased close to USD 150 billion in market value at its lowest point. Following this, the Supreme Court asked SEBI to look into the allegations and submit its findings. In March, a separate six-member expert panel was formed which included a retired judge and veteran bankers, to go into regulatory aspects of the allegations. That panel said in May the SEBI has so far drawn a blank in its investigations and its ongoing pursuit of the case is a "journey without a destination". The apex court set August 14 as the deadline for SEBI to conclude its probe and submit the report. The regulator sought a 15-day extension to conclude the investigation. It has now submitted a status report on its probe. On its part, the Adani group has rejected all allegations.

SEBI suppressed important facts and "slept over" DRI info on stock manipulation by Adani: Petitioner tells SC

<ul><li>The 27 year old Hinduja Bank is one of the three major financial institutions, owned by the conglomerate, aside from <keyword id="46717" type="COMPANY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword> and Hinduja Leyland Finance. </li><li>The <keyword id="57519" type="COUNTRY" weightage="20" keywordseo="Cayman-Islands">Cayman Islands</keyword> order, from May 2020, said that the bank even failed to maintain the minimum <keyword id="6360278" type="DEFINITION" weightage="20" keywordseo="Net-Worth">net worth</keyword> of 400,000 Cayman dollars and hasn’t submitted its audited financial statements since 2018. </li><li>The Cayman Islands is popular as a tax haven for the world’s super rich and many multinational corporations.</li></ul>The stock of IndusInd Bank took a beating after a report that the group had lost its banking licence in Cayman Islands for not taking steps to stop money laundering. However, the report was based on an order from May 2020. The shares of IndusInd Bank fell as much as 6%, on June 3, 2021, as investors got spooked but recovered a part of those losses soon after. The Cayman Islands, popular as a tax haven for the world’s super rich, had stripped the <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> of its banking licence for the conglomerate’s Geneva-based bank. The Hinduja Bank is one of the three major financial institutions owned by the conglomerate ⁠— the other two being IndusInd Bank and Hinduja Leyland Finance. In an order dated May 27, 2020, the Cayman Islands Monetary Authority, also said that the company “failed to prepare adequate” anti-money laundering policies. The director, Gilbert Pfaeffli, has been held ‘not fit and proper’ for the position. Hinduja Bank was established in 1994 as a Swiss Banking Institution. The group website says it offers, among other services, “innovative solutions in wealth management and private banking, trade finance, corporate advisory services and global investment solutions.” The bank has presence in Dubai, London, Paris, New York, Chennai, Mumbai, Mauritius and Cayman Islands. The Cayman Islands order said that the bank even failed to maintain the minimum net worth of 400,000 Cayman dollars and hasn’t submitted its audited financial statements since 2018. A Cayman dollar is approximately ₹88, at current prices. The more than a century old Hinduja Group led by Chairman Srichand Hinduja ⁠— with a net worth of over $15 billion shared with his brothers, Gopichand, Prakash and Ashok Hinduja ⁠— has international interests in a variety of industries from technology to finance, from media to oil and chemicals, and from real estate to healthcare. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-indian-government-is-doling-out-1500-crore-to-reserve-300-million-of-biological-es-covid-19-vaccine-doses/articleshow/83196362.cms">The Indian government is doling out ₹1500 crore to reserve 300 million of Biological-E’s COVID-19 vaccine doses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-must-brace-for-a-further-rise-in-petrol-and-diesel-prices-as-crude-oil-scales-a-2-year-high/articleshow/83195870.cms">Indians must brace for a further rise in petrol and diesel prices as crude oil scales a 2-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a>

IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces

<img class="gwt-Image" src="/photo/53036130.cms" style="width: 800px; height: 600px;" />As per the latest annual update on Swiss banks, released by Switzerland's central bank SNB (<keyword id="173321" type="CITY" weightage="20" keywordseo="Swiss-National-Bank">Swiss National Bank</keyword>), India has slipped to 75th place in terms of money held by its citizens with banks in Switzerland, while the UK remains on top. 

	India was placed at 61st place last year, while it used to be among top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004. 
 

	The total money held there by foreign clients from across the world fell by nearly 4 per cent to Swiss franc (CHF) 1.42 trillion (about Rs 98 lakh crore) at the end of 2015. 
 

	In terms of individual countries, the UK accounted for the largest chunk at about CHF 350 billion or almost 25 per cent of the total foreign money with Swiss banks. 
 

	The US came second with nearly CHF 196 billion or about 14 per cent. No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, Germany, Bahamas, France, Guernsey, Luxembourg, Hong Kong and Panama. 
 

	India was ranked 75th with CHF 1.2 billion (about Rs 8,392 crore), which is not even 0.1 per cent of the total foreign money in Swiss banks and is the lowest for the country in at least two decades or since 1996 - the first year for which full comparable data is available. 
 

	Pakistan was placed higher at 69th place with CHF 1.5 billion - a shade better than 0.1 per cent of total foreign money parked with Swiss banks. 
 

	India was also lowest ranked among the BRICS nations - Russia was ranked 17th (CHF 17.6 billion), China 28th (CHF 7.4 billion), Brazil 37th (CHF 4.8 billion) and South Africa 60th (CHF 2.2 billion). 
 Others ranked higher than India included Mauritius, Kazakhstan, <keyword id="41896" type="COUNTRY" weightage="20" keywordseo="Iran">Iran</keyword>, Chile, Angola, Philippines, Indonesia and Mexico, while a number of so-called tax havens were also placed above, including Jersey, Cayman Islands, Cyprus, Marshall Islands, Bermuda, Belize, Gibraltar, Isle of Man, Seychelles and St Vincent and the Grenadines. 

	All offshore financial centres together held CHF 378 billion in Swiss banks. The total for developing countries stood at CHF 207 billion, while the same for the developed countries was much higher at CHF 833 million. 
 

	India was ranked in top-50 continuously between 1996 and 2007, but started declining after that - 55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then 58th in 2013.

You Searched For "mauritius tax haven" and got 14 results

Hindenburg 2.0: OCCRP alleges Mauritius-based opaque funds invested millions of dollars in Adani stock

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Paris is becoming the new tax haven, Citi warns Finance Ministry

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Mauritius tax haven no more? India signs new deal to prevent abuse of tax avoidance treaty

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You need a country to stash away your black money, head to this country that serves as the world’s no.1 tax haven

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Foreign investors from Mauritius to continue being eligible for FPI registration: Sebi

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A new study shows 40% of foreign investment is 'phantom capital' being used to avoid taxes

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Indians deposited 50% more funds in Swiss banks last year

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Hindenburg alleges Sebi head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal

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After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

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Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

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SEBI suppressed important facts and "slept over" DRI info on stock manipulation by Adani: Petitioner tells SC

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IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces

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India slips to 75th place on money in Swiss banks; UK on top

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Full transcript of PM Narendra Modi's TV interview

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