Amitabh Bachchan was named in Panama Papers for tax fraud.

The Panama papers investigation is still underway and while Bachchan was named in the fraud case, he has not been charged with anything.

The Panama papers investigation is still underway and while Bachchan was named in the fraud case, he has not been charged with anything. Panama papers is referred to a leak of confidential documents that revealed how the wealthy and powerful use tax havens to get around the law. The 11 million documents were leaked from a Panamanian law firm called Mossack Fonseca. The papers show how the firm helped clients launder money, dodge sanctions, and evade tax. Mossack Fonseca created offshore companies for its global clients and, the files revealed the names of those who paid the firm to set up the companies. The investigation was carried out by the International Consortium of Investigative Journalists (ICJU) and German newspaper Suddeutsche Zeitung, in collaboration with The Indian Express.

On Apr. 4, 2016, Indian Express released a report on the investigation. The Panama Papers alleged that Amitabh Bachchan was the director in at least four offshore shipping companies. Those companies were registered in tax havens - one in the British Virgin Islands and three in the Bahamas in November 1993, two years before he launched his company Amitabh Bachchan Corporation Limited (ABCL) in 1995.

However, Bachchan denied his links in Panama Papers. In a press release, Bachchan had stated, "I do not know any of the companies referred i.e. Sea Bulk Shipping Company Ltd, Lady Shipping Ltd, Treasure Shipping Ltd, and Tramp Shipping Ltd. I have never been a director of any of the above-stated companies. It is possible that my name has been misused. I have paid all my taxes, including on monies spent by me overseas. Monies that I have remitted overseas have been in compliance with the law, including remittances through LRS, after paying Indian taxes."

Subsequently, in 2016, the Income Tax department sent a fresh set of queries to Bachchan seeking further details of his financial transactions as mentioned in the reports by ICIJ and relying on some “old information about the assessee” lying with the department. In response, he said, “I have paid all my taxes including on money spent by me overseas. Money that I have remitted overseas have been in compliance with law, including remittances through Liberalised Remittance Scheme (LRS), after paying Indian taxes. In any event the news report in Indian Express does not even suggest any illegality on my part.”

The Panama paper case is still in progress. Investigations are going on and court hearings are in progress on the individuals charged for the probe.