Amitabh Bachchan and Aishwarya Rai caught in Tax Evasion scandal!

In a huge leak of 11.5 million tax documents, a list of 500 Indians has emerged which claims that they have been secretly involved in dealings of trusts and foundations set up in their name by Panama based law firm Mossack Fonseca, reported leading Panama dailies.

The list of Indians includes A-lister Bollywood celebrities, Amitabh Bachchan and Aishwarya Rai Bachchan amongst other Indian businessmen and tycoons like DLF owner K.P Singh, Apollo's Onkar Kanwar and others.

The stars are accused of violating tax rules amd masking ownership of firms they allegedly set up abroad, as claimed by an investigation of a coalition of leading media groups.

The reports also said that Amitabh Bachchan was the director of 4 shipping companies in Bahamas while Aishwarya Rai Bachchan was a shareholder in a firm in the British Virgin Islands.

Panama is often used by many tax evaders to conceal black money. Up until 2003, Indians weren't allowed to set up entities abroad at all. In 2004, the RBI norm was changed, but with a limit. 

The Indians in the list published by the Panama papers seem to be in violation of the updated norms as well.

While the leak has revealed some ghory secrets to us, let's wait for the celebs to comment on the accusations.