The Paradise Papers leak has links with Dubai, as the name of a Non-Resident Indian (NRI) based in this city has prominently figured in the list. He shares space with about 714 Indians including business magnates, politicians and Bollywood celebrities.
Paradise Papers leak was the secret revelation of financial documents of a company patronised by wealthy people from around the world who moved money to and from 19 tax havens. These details came into light after around 13.4 million files got leaked.
The 59-year-old NRI on the list, Javed Ali Khan, works as a clerk in Dubai. He belongs to a nondescript town Rampur in the state of Uttar Pradesh in India.
The list reveals that Javed Ali Khan had become the director and shareholder of a firm, Siam Capital and Investments Ltd on November 10, 2003. The firm, which has its registered address at Portellius Trustnet Chambers, PO Box – 3444, Road Town, Tortola British Virgin Islands (BVI), had investments from 18 companies, including Muchiri Catherine Nyambura and Zetland Corporate Services Ltd, based in the Caribbean Islands, reported Times of India (TOI).
The Paradise Papers, however, don't have any mention of Khan's remuneration during this tenure as shareholder-director of SIAM. Khan quit the Siam board on August 22, 2006.
Khan told the newspaper that his BVI offshore account was opened on the instruction of the then owner of the money exchange.
He said, “I have been working in Wall Street Exchange, Dubai, as a clerk since 2000. The company was initially owned by Mumbai-based businessman Arif Patel. I signed the papers on his instructions. I was told that Siam would give loans to our company. I never operated this account. I am a law-abiding citizen and will never conceal anything from the income tax department.” Asked whether he knew that he was being made director of Siam, Khan refused to comment.
He added, “I don't own a property in India. I earn 6,500 dirham a month. I had gone to the Gulf around 25 years ago.”