The Supreme Court on Monday rejected a plea to set up a Special Investigation Team (SIT) to probe the Panama Papers case about offshore bank accounts of some Indians, saying there was no need for it when the multi-agency group set up by the government was already looking into the matter.

“This multi-agency group is already like an SIT. What is the need to form a separate SIT,” a bench of Justices A K Goel and U U Lalit said, adding that the multi-agency group (MAG), consisting officers of the Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED) and Financial Intelligence Unit (FIU), was as good as an SIT.