The Pandora Papers reveal the identities of 700 Pakistani politicians and Business Tycoons.

On Sunday, the International Consortium of Investigative Journalists (ICIJ) released a study that revealed politicians and billionaires who used offshore companies to conceal money, conduct covert transactions, and dodge taxes.

The study sheds light on the secretive offshore banking structure that enables multinational companies, the wealthy and famous, and the powerful to dodge taxes and otherwise protect their riches.

The findings are part of the Pandora Papers, a major worldwide investigation led by the International Consortium of Investigative Journalists (ICIJ) and involving 600 journalists from across the globe. The investigation, which was the biggest ever journalistic cooperation, utilized 11.9 million documents acquired via a data breach from 14 distinct offshore service companies.

Prominent lawmakers and close aides to Prime Minister Khan have been identified.

The 'Pandora Papers' published by the International Consortium of Investigative Journalists have shown Shaukat Tarin, the Minister of Finance, to be among individuals with alleged ties to offshore assets. More than 700 additional Pakistanis have been identified in the inquiry, including PPP leader Sharjeel Memon, PTI leader Abdul Aleem Khan, Axact CEO Shoaib Sheikh, Senator Faisal Vawda PML-Q leader Chaudhry Moonis Elahi, Ishaq Dar's son, and Khusro Bakhtiar's family.

Former Special Assistant to the Prime Minister on Finance and Revenue Waqar Masood Khan's son, President National Bank of Pakistan Arif Usmani, and Managing Director National Investment Trust Adnan Afridi was also nominated. The consortium also revealed that "important members of Khan's inner circle, including Cabinet ministers, their families, and significant financial supporters, have covertly controlled an array of businesses and trusts containing millions of dollars in hidden wealth." Moreover, military commanders have also been implicated in the inquiry, although there is "no indication" that Khan is engaged.

According to the papers, Finance Minister Tarin and his family members control four offshore businesses. The Tarin family established four offshore businesses in the British Virgin Islands in 2014: Triperna Inc, Hamraa Inc, Seafex Inc, and Moonen Inc.

Tarin responded to the accusations by saying, "The offshore businesses mentioned were established as part of my bank's fund-raising procedure." He went on to say that he "has done nothing illegal and is prepared for any sort of inquiry." The papers also reveal that Arif Naqvi, the PTI's top contributor for the 2013 elections, controls several offshore businesses. He transferred ownership of three luxury flats, his rural home, and property on London's outskirts to a Deutsche Bank-owned offshore trust.

According to the ICIJ, Faisal Vawda, the former federal Minister of Water Resources, established an offshore corporation in 2012.

According to the consortium, PML-Q leader Chaudhry Moonis Elahi "intended to transfer the profits of an allegedly fraudulent business transaction into a secret trust, hiding them from Pakistan's tax authorities." Elahi has been connected to numerous fraud and corruption accusations in recent years, yet PM Khan just nominated him as Minister of Water Resources.

According to the documents, Omer Bakhtiar, the brother of federal industries minister Khusro Bakhtiar, used an offshore corporation to transfer a $1 million flat in London's Chelsea district to his mother in 2018. Ali Dar, the son of former finance minister Ishaq Dar, also controls two businesses incorporated in the British Virgin Islands, Baraq Holdings Ltd, and Dar Al Nahyan Lt. Sharjeel Inam Memon, a former Sindh government communications minister, also possesses three offshore entities in the same jurisdiction.

Military Commanders and their Families have been Implicated.

The Panama Papers, published by the International Consortium of Investigative Journalists, also exposed "many offshore assets involving military officials and their families."

These include the previous corps commander's wife and son, Lt Gen (retd) Muhammad Afzal Muzaffar's son, Major General (retd) Nusrat Naeem, Lt Gen (retd) Khalid Maqbool's son-in-law, Lt-Gen (retd) Tanvir Tahir's wife, Lt-Gen (retd) Ali Kuli Khan's sister, Air Chief Marshal Abbas Khatta. Lt. Gen. Shafaat Ullah Shah was found to have given his wife a $1.2 million London flat in 2007. In addition, Raja Nadir Pervez, a former army lieutenant colonel, controlled a British Virgin Islands-registered business. He had transferred his firm shares to a trust that runs a number of offshore businesses.

According to the ICIJ, "Umar and Ahad Khattak, sons of former Pakistani air force chief Abbas Khattak, established a BVI company in 2010 to invest what papers refer to as 'family business profits' in equities, bonds, mutual funds, and real estate." Maj Gen. Nusrat Naeem, the former chief of the ISI's Counter-Intelligence Wing, has also been revealed for having an offshore business named Afghan Oil and Gas Ltd. Meanwhile, Shahnaz Sajjad Ahmad, the retired lieutenant general's daughter, acquired money via offshore trusts and subsequently established similar trusts for her children.

Ahsan Latif, the son-in-law of former Governor Punjab Lt General (retd) Khalid Maqbool, also controlled an offshore business in the British Virgin Islands called Dylan Capital Limited. Furthermore, Muhammad Hasan Muzaffar, the son of Lt General (retd) Muhammad Afzal Muzaffar, was found to hold interests in a business established in the British Virgin Islands.

Several Media Moguls and Well-Known Journalists have Spoken Out.

Aside from politicians and military officials, the ICIJ discovered a number of significant media proprietors with offshore holdings.

Hameed Haroon, the CEO of Dawn Media Group, owns a Seychelles-based offshore business called Bardney Ltd. Meanwhile, Express Media Group Sultan Ali Lakhani controls Century Media Network Inc., an offshore business. In addition, Jang Group Publisher Mir Shakil-ur-Rahman controls an offshore business in the British Virgin Islands called Brookwood Ventures Limited. Similarly, under the same jurisdiction, the late Arif Nizami, owner of Pakistan Today, controlled New Mile Production Limited.

Meanwhile, Adnan Afridi, the Managing Director of National Investment Trust, established Veritas Advisory Services Ltd in the British Virgin Islands in 2011. Furthermore, the papers state that Javed Afridi, the Peshawar Zalmi Pakistan Super League (PSL) club owner, controls three offshore businesses in the British Virgin Islands.

Prime Minister Khan Pledges Accountability.

PM Imran Khan reacted to the revelation by stating that his administration would examine everyone named in the Pandora Papers.

Politicians, millionaires, and celebrities from all over the globe have been implicated in illicit financial transactions and tax avoidance as a result of the inquiry.