IN the 1980s, the Indian public got to know of two sets
of strange offshore entities that were based in global tax havens. One set
included names such as Lotus, Tulip, and Mont Blanc that were located in
Switzerland, Panama, and Lichtenstein, respectively. The other set comprised
Crocodile Investments and Fiasco Investments that were headquartered in the
Isle of Man. The first group was allegedly involved in the payments of bribes
and commissions in the controversial Bofors case. The second played a dubious
role in stock speculations in the Indian bourses.
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