NEW DELHI: The Supreme Court on Monday ruled out setting up of a separate Special Investigation Team (SIT) to probe the alleged revelation of offshore accounts of Indians in Panama papers leak, saying the multi-agency group (MAG) set up by the government was already looking into the matter.
A bench, comprising Justices A K Goel and U U Lalit, said a multi-agency group (MAG), consisting officers of Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED) and Financial Intelligence Unit (FIU), was like an SIT itself.
Additional solicitor general P S Narasimha, appearing for the Centre, said the issue of probe into the offshore accounts of Indians was “not ordinary” and “very complicated” and the MAG constituted by the government was already looking into it.
Narasimha said that seven reports have already been filed in the apex court and a separate SIT on blackmoney issue was already there. He said the MAG was probing this matter in its entirety and progress in investigation was being made.
Advocate M L Sharma, the petitioner in the case, told the court that an SIT should be formed for a fair probe as there was alleged violation of provisions of the RBI rules as well as the Foreign Exchange Management Act.
Sharma in his PIL had sought a court-monitored independent probe into the Panama papers leak which contained an unprecedented amount of information on 2,10,000 companies.