Offshore data leak again; Here’s a brief on Pandora Papers, and the data breach

A massive leak of offshore data occurred in the UK and the biggest ever leaks of financial documents exposed the offshore secrets of wealthy elites from more than 200 countries and territories. It was also reported that there are at least 380 persons of Indian nationality in the pandora papers. 

International Consortium of Investigative Journalists(ICIJ) in Washington DC was the reason to obtain the data where it has been working with more than 140 media organizations on its biggest ever global investigation. According to sources, The Pandora Papers leak includes 6.4 million documents, almost three million images, more than a million emails, and almost half a million spreadsheets.

In total there are 1.9 million leaked files from 14 global corporate services firms. It was not only set up about 29,000  off-the-shelf companies and private trusts in not just obscure tax jurisdictions but also countries such as Singapore, New Zealand, and the United States, for clients across the world.

Pandora Papers

‘Pandora papers’ is a leak in financial documents that reveal hidden wealth, tax avoidance, and, in some cases, money laundering by some of the world’s rich and powerful. The Pandora Papers investigation is considered to be the world’s largest journalistic collaboration that involves over 600 journalists from 150 media outlets in 117 countries. The papers are similar to the 2016 ‘Panama papers’. The most expensive paper porting through nearly 3 terabytes of data which is the almost same as that of roughly 750,000 photos on a smartphone leaked from 38 different jurisdictions in the world.

Panama Papers, on the other hand, picked over through 2.6 terabytes of data leaked by one now-defunct law firm called Mossack Fonseca that was located in the country that inspired that project’s nickname.

The name Pandora comes from the Greek myth about a sealed jar containing the world’s evils and it was based on what its authors described as 11.9 million records leaked from 14 firms in the offshore financial services industry, depicting how the wealthy hide their assets.

According to the International Consortium of Investigative Journalists( ICIJ), 

the data breach also included over 4.1 million pictures and emails. There are some leaders who have owned secret companies and trusts that are revealed by the Pandora Papers investigation. 

It was also reported that a Bitcoin czar jailed for money laundering in connection with the greatest cyberheist in history is among the global cast of the Pandora Papers. And Bollywood celebrities, soccer players, crooked sports officials, a king’s lover, squabbling princesses, movie directors and stars, supermodels, acclaimed designers, and world-famous singers were all linked to offshore investments.

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The Pandora Papers investigation shows how businesses have created a new normal after countries have been pressured to tighten the bonds on such offshore entities with rising concerns of money laundering, terrorism funding, and tax evasion.