UMESH SHAHRA, promoter director of the $6-billion Ruchi Group of Industries, has floated at least eight offshore entities and two private foundations in Panama. The two foundations were set up in 2008 and 2009, an investigation by The Indian Express has revealed. The Central Bureau of Investigation had named Umesh Shahra (also promoter of Revati Cement Pvt Ltd) in August 2014 in its 23rd First Information Report in a case related to alleged irregularities in coal block allocation. The Income-Tax department and the Employees Provident Fund Organisation, Ruchi Group\u2019s boss has two foundations, eight offshore entities \u2014 and a CBI FIR as well too, have raided the group companies in the past for alleged tax and PF evasion respectively. The two trusts that the Shahras set up in Panama are The Threewells Foundation, the public deed of which was signed on October 1, 2009, and One World Trust, which was set up on October 22, 2008. Both the trusts are active with Mossack Fonseca Trust (Mossfon Trust) generating annual invoices until March 2015. A detailed mail sent to him on March 29 and several calls made thereafter remained unanswered. An alumnus of BITS Pilani and IIM Ahmedabad, Umesh Shahra is the son of Indore-headquartered Ruchi Group of Industries Chairman Kailash Chandra Shahra. He heads group companies Indian Steel Corporation Ltd, RSAL Steel Private Limited, Ruchi Global Limited, Ruchi Acroni Industries and Avantee Mega Food Park Ltd. He is a director in over a dozen companies in India. In the \u2018Master Client Form\u2019 filled and submitted to Mossfon (Mossack Fonseca) Trust by Ravindra Vasantrao Chitnis, a Dubai-based consultant for the Shahras, the principal object and description of the activity of The Threewells Foundation is mentioned as \u201cto hold assets, i.e. shares of companies\u201d. Both Umesh and wife Neeta Shahra are described as businesspersons and their residence mentioned as House No. 28, Old Palasia, Indore \u2013 450001, Madhya Pradesh, which matches with the address provided in their passports. It also asks Mossfon Trust Corporation to arrange and provide \u201cnominee founders\u201d and \u201cmembers of the foundation council.\u201d Chitnis will be the \u2018Protector\u2019 of The Threewells Foundation. MF (Mossack Fonseca) Legal Services is the Registered Agent for the Foundation that is registered in the public registry of the Republic of Panama on October 7, 2009. The founder is \u2018Foundation Management Co. Inc\u2019 provided by Mossfon and the Foundation Council is \u2018Foundation Membership Inc\u2019, also arranged by Mossfon. Its initial assets consist of $10,000. When the foundation was set up, its assets also included 50,000 shares (nominal value $1 each) of Pegasus Holdings & Investments Ltd and 50,000 shares (nominal value $1 each) of Prudential Assets & Capital Ltd. These two entities are international business corporations (IBCs) registered in tax haven British Virgin Islands. The principal beneficiaries of The Threewells Foundation are Umesh Shahra, Neeta Shahra and their son Suyash Shahra. While details of all offshore entities of the Shahras were not available in the Mossack Fonseca files, a mail by an MF executive \u2014 seeking quick action to his request for expediting the setting up of the One World Foundation \u2014 to a colleague in Mossfon Trust states, \u201cWe have received the master client form from our client, however since we are very very late for the incorporation of this foundation, can you kindly proceed with the incorporation and we on a later stage \u2018within 10\u2019 days will provide you with the rest of the requested documents. Please note that this client already had one foundation with us before as well as so far 8 offshore companies and we don\u2019t want to lose him.\u201d He was referring to The Threewells Foundation which is the sole shareholder in eight offshore entities. The deed settlement of the other foundation, \u2018One World Trust\u2019 was amended on October 6, 2008, again with Chitnis as the original \u2018Settlor\u2019 and Mossack Fonseca & Co (BVI) Ltd as the original Trustee. The principal beneficiaries of the One World Trust too are Umesh, Neeta or Suyash Shahra. One World Trust\u2019s annual assets as on December 31, 2013, included the shares of Eris Incorporation Ltd, another offshore entity. An Investigation by The Indian Express with International Consortium of Investigative Journalists & Suddeutsche Zeitung, Munich.