MANOHAR LAL SHARMA vs CENTRAL BUREAU OF INVESTIGATION

The Supreme Court directed the Central Bureau of Investigation (CBI) to investigate the Indian offshore bank account holders named in the 'Panama Papers', emphasizing the need for accountability in cases of tax evasion and black money. The Court noted the failure of the Securities and Exchange Board of India (SEBI) to perform its regulatory duties under the Prevention of Money Laundering Act, 2002, and highlighted the importance of swift action against financial misconduct. The Court held that ongoing investigations by the Multi Agency Group (MAG) and the Special Investigation Team (SIT) must be monitored closely to ensure transparency and effectiveness in addressing these serious allegations.