Panama Papers: Has Amitabh Bachchan convinced us he's innocent?

Bollywood superstar Amitabh Bachchan, whose name figured among the 500 high and mighty Indians parking their monies in offshore accounts in the Central American tax haven Panama via controversial law firm Mossack Fonseca, has finally issued a statement.

On the issue of hidden offshore assets and tax avoidance, Bachchan has said:

"I do not know any of the companies referred to by Indian Express - Sea Bulk Shipping Company Ltd, Lady Shipping Ltd, Treasure Shipping Ltd, and Tramp Shipping Ltd. I have never been a director of any of the above stated companies. It is possible that my name has been misused."

The recent national award winner added: "I have paid all my taxes including on monies spent by me overseas. Monies that I have remitted overseas have been in compliance with law... after paying Indian taxes. In any event the news report in Indian Express does not even suggest any illegality on my part."

Aishwarya Rai, Bachchan's daughter-in-law, whose name too figures in the list, has however hit back more aggressively, with her media adviser saying the documents leaked by the ICIJ (International Consortium of Investigative Journalists) are "totally untrue and false".

Although having an offshore account is not illegal, the Panama Papers reveal a worldwide trail of dirty monies and unpaid taxes all finding financial and legal refuge in tax havens such as Panama via shell companies, or front companies to dissuade tax officials from finding out who is the real owner of the accounts.

The Indian Express, in coordination with ICIJ, broke the news in its April 4, 2016 edition. That Amitabh Bachchan waited for a whole day to issue a clarification could be pointing at something murkier than what his statement intends to convey.