Mumbai Leads the List of Secret Offshore Companies Opened By Indians

Bangalore: Mumbai is considered to be the largest financial capital in India. In the same line, the city  has highest number of shareholders who have invested in offshore entities created by Indians, according to Business Standard.

An offshore entity can either be a company, trust or a fund that is created in low-tax under the offshore jurisdiction.

Out of 498 entities from the ‘offshore leaks database’ of International Consortium of Investigative Journalists’ (ICIJ), 184 entities are based in Mumbai. Infact the database has clearly stated that if anyone has an offshore entity it doesn’t mean they can violate any law.

In Mumbai, many investors located in Malabar Hill, Cuffe Parade and Altamount Road. And the investors of British Virgin Islands-based asset management firm are located in the Chawl in Dharavi, Asia’s largest slum.

Delhi comes second on the list after Mumbai. There are about 15 offshore companies in Gurgaon, three in Noida and Faridabad, two in Ghaziabad respectively.

While Kolkata has 39 shareholders making it on the third place, Bangalore has 36 shareholders followed by Chennai with 31 and Hyderabad with14. The study also included small towns where banking services has very limited penetration. 

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