Mumbai Leads the List of Secret Offshore Companies Opened By Indians

The investors and shareholders of the offshore entities may be spread across the country, but they maintain a good business relation with investors in other places and are well connected to each other. For instance, a shareholder who is based in Weekly Bazaar in Hyderabad holds a stake in Malaysian company which is ventured by two people in Ludhiana.

Such connections can also be found in remote centres like Mayurbhanj and Odisha, where investors from these places are connected to investors in Sultanpur, Chennai and New Delhi, who together have interests in a British Virgin Islands-based entity.

According to the ICIJ analysis, the master client for these investments is an export- import company which is based in New Delhi. A master client is an agent or a mediator who helps their client in setting up an offshore entity.

The database compiled by ICIJ will help many users to look for about 1, 00,000 secret companies, trusts and funds which are created in offshore locations. It has also revealed the names behind these secret companies and the trusts created by two offshore services firms Portcullis TrustNet and British Virgin Islands.

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