Bengaluru, DHNS: They are shareholders in British Virgin Islands companies. he Panama Papers expose includes names of 31 investors from Bengaluru in the tax haven of British Virgin Islands (BVI).

The list, released by International Consortium of Investigative Journalists (ICIJ), reveals the names of lesser known investors who have mentioned their city address.

Some of the investors include Pradeep Ramanarasimha Setty Kare, director, Laxmi Vilas Bank, Suresh Kumar Sarada Devi Krishna Pillai, a resident of Marathalli. Karuturi Sai Ramakrishna, a floriculturist and MD of Karuturi Global Ltd based in Bengaluru with a Sadashivanagar address.

Setty has been a shareholder and director of two companies in BVI - Smart Ideas Group and Wideview International Group Ltd - since 2007. It is not known if he has declared his investments in BVI with the income tax authorities.

Wikileaks connection

Interestingly, Pillai's name is also part of the Wikileaks for his involvement with a Singapore-based company. He has invested in Technomic Processors Pte Ltd, which has invested in Jupiter Alliance Ltd, a BVI business company. Pillai is also the director of Jupiter.

On the other hand, Karuturi Ramakrishna has made investments in Maxworth Investment Ltd, Appointcorp Ltd and is a shareholder of Vericon Zot International Ltd in BVI.

Other names

A few other prominent names from Bengaluru are H J Siwani and M J Siwani of H M Constructions (Benson Town address). Siwanis of H M Constructions are directors of Habitat Holdings Enterprise Inc in BVI.

Similarly, Rajiv Sawhney (Abbas Ali Road, Bengaluru), former MD and CEO of Mahindra Holidays and Resorts India Ltd and former chief executive officer of Telecom Business Group of Essar Global Fund Ltd has investments in BVI-based companies.

Rajiv Sawhney and Kamini Sawhney are directors of Brookwood Worldwide Ltd in BVI. One more name, Edakkana Sham Bhat Mahabaleshwara with a Kodigehalli address, also figures on the list.

Bhat is the director of Sharan Life Sciences Pvt Ltd and a sole director of SNB Invest. SNB was incorporated under the laws of the Russian Federation with an authorised and paid up share capital of 9,957,160 Russian roubles.

He is the director of Unitrust Corporate Services Ltd, Helix Universal Ltd, Directors Ltd and Standard Prelomest Holdings Ltd in BVI. He is also the share holder in Euro Asia Dynamic Ventures Ltd in BVI.