The government has ordered a probe into cases of Paradise Papers by Multi-Agency Group (MAG) headed by the Chairman of CBDT.
The MAG will have representatives from ED, RBI and Financial Intelligence Unit.
The CBDT, in a statement, said the Investigation units of the Income Tax Department have been alerted to take note of revelations for immediate action.
Many cases of offshore entities are already under investigation on fast track. As soon as further information surfaces, swift action will follow.
The Paradise Papers on financial holdings abroad listed a number of 714 Indian individuals and entities.