The Enforcement Directorate (ED) is set to take the first consolidated action against those named in the Panama Papers list. Top sources in the agency said that about 50 notices are likely to be issued for violation of foreign exchange laws.A multi-agency group is investigating the ‘Panama Papers’, a trail of millions of secret files that leaked the names of individuals who paid Panamian law firm Mossack Fonseca to set up offshore firms in tax havens around the world. More than 500 Indians figured in the list published last year, including Bollywood stars Amitabh Bachchan and Aishwarya Rai Bachchan as well as Indiabulls chairman Sameer Gehlaut. The ED is likely to submit its ‘action taken report’ as part of the consolidated list that will be sent to the Prime Minister’s Office for review. In the past few months, the directorate has seized assets in some cases for violations under sections governed by the Foreign Exchange Management Act (FEMA).