Panama Papers : Largest file relates to NRI in US prison

panamaThe largest collection of documents in the Panama Papers relating to Indians, concerns brothers Chetan Kapur and Kabir Kapur and their family venture the “Family and Children Charitable Foundation (FCCF), Incorporated by Mossack Fonseca in 2010. Chetan a hedge fund manager settled in New York is currently serving a jail term in the US for alleged fraud.

The records show that the principle beneficiary of the FCCF is Kabir Kapur, Also in the documents the assets of the Foundation are listed as the balance in the Swiss Private Bank Vontobel AG. 100% of the shares of an offshore Panamanian Corporation named Opler Company Consulting Corp, and with a bank account in the Wintherbotham Merchant Bank of the Bahamas.

The documents show that Opler was bought by Chetan Kapur from Mossack Fonseca for $6,750 and three years later the FCCF owner and protector was confirmed. Later the FCCF changed hands from Chetan to Kabir Kapur. The MF records show Chetan’s address as Mumbai and annual income as $100,000.

One record dated 2015 shows a request from Kabir to MF managers to provide a letter showing that Chetan does not have access to the Foundation assets.

Another report names one Bina Rai as a substitute beneficiary.

The story goes on endlessly, and with reams of documents it is only possible to outline the case in order to convey the crux of the extraordinary tale of one Indian family who are now a dubious part of the Panama Papers!