Massive tax evasion: Amitabh, Aishwarya among 500 Indians with hidden assets

April 4, 2016

New Delhi, Apr 4: The names of actors Amitabh Bachchan and Aishwarya Rai Bachchan, real estate tycoon KP Singh and late gangster Iqbal Mirchi figured in a list of over 500 Indians who allegedly used a law firm in Panama to set up offshore entities in tax havens across the world, a newspaper reported on Monday.

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The Indian Express said a study of more than 11 million documents from the secret files of Mossack Fonseca, the Panama law firm, showed that Indians possibly violated tax rules or masked ownership of firms they allegedly set up abroad.

The newspaper claimed that while Aishwarya Rai was a shareholder of a firm in the British Virgin Islands, her father-in-law – superstar Amitabh Bachchan – was the director of four shipping companies in the Bahamas. It said Indiabulls owner Sameer Gahlaut acquired “three top London properties” via “entities” in the Bahamas and Jersey, and DLF promoter KP Singh and his family owned firms in the British Virgin Islands.

The promoters of Apollo Tyres, business tycoon Gautam Adani's elder brother Vinod Adani, West Bengal politician Shishir Bajoria and former Loksatta Party leader Anurag Kejriwal were some other Indians named in the newspaper report.

Until 2003, Reserve Bank of India (RBI) norms did not allow an Indian citizen to set up an overseas entity. In 2004, resident Indians were allowed to remit funds of up to $25,000 a year under the Liberalised Remittance Scheme (LRS) – the limit of which stands at $250,000 a year now.

The media claimed that while RBI let individuals buy shares under LRS, it never permitted them to set up companies abroad. The Mossack Fonseca documents allegedly show companies were set up long before the rules were changed, and the purpose may have been to park foreign exchange in a tax haven.

Individuals named in the newspaper report were yet to comment, and government officials were expected to respond later. The report in the Indian Express formed part of an investigation by an international coalition of media outlets into the offshore financial dealings of the rich and famous, based on a vast trove of documents provided by an anonymous source.

The International Consortium of Investigative Journalism, a non-profit organisation based in Washington, said the cache of 11.5 million records detailed the offshore holdings of a dozen present and former world leaders, besides businessmen, criminals, celebrities and sports stars. Political figures from Iceland, Ukraine, Pakistan, Saudi Arabia, Russia and Argentina were named in the reports.

Hindustan Times wasn't immediately able to verify the allegations made in the articles that were published by over 100 news organisations across the world.

Comments

Sameer Kandak
 - 
Tuesday, 5 Apr 2016

It's better to appoint ABC as brand ambassador of Hidden asset projects

Rikaz
 - 
Monday, 4 Apr 2016

Its brand ambassador's way of doing business.....he is roll model...people should follow him...if you have excess money go and do your business out side India....avoid taxes.....Amitabh is saying this...literally...

Abufarhan
 - 
Monday, 4 Apr 2016

Unfortunately Amitbh is a next presidential candidate of Feku's party

Abufarhan
 - 
Monday, 4 Apr 2016

Unfortunately Amitabh is next presidential candidate of Feku's party.

KhasaiKhaane
 - 
Monday, 4 Apr 2016

Remembering the days when #MoNa used to say -
\Congress wale Kala dhan lane se darthe hain.. NDA Kala Dhan wapas Layenge..\"
\" 15 Lakh, har ek ke account me...\"
and hearing all this
#Bhakts got an orgasm, - #MoZi MOZi MOzi,,...
LOL...!!"

Swetha
 - 
Monday, 4 Apr 2016

Hidden Assets ohh god, without any doubt crore,million,billion will be there.

Prem Sagar
 - 
Monday, 4 Apr 2016

less shocking more knowing.

Nihal
 - 
Monday, 4 Apr 2016

Someone had suggested Big B's name for the post of India's next president. And i heard he was also dreaming for the post!

Neeraj Dumb
 - 
Monday, 4 Apr 2016

Oh. That's y this amithab started doing 'bhaktgiri' these days.

Lobo
 - 
Monday, 4 Apr 2016

Shame on you. And you call yourselves nationalists. ugly creatures. liars.

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May 8,2020

Mangaluru, May 8: After continuous pressure on Union government from Karnataka NRI Forum- UAE, the first special flight carrying 180 Kannadigas who stranded at UAE due to Covid-19 pandemic will fly from Dubai to Mangaluru on May 14.

The special flight will take off from Dubai at 4.10 p.m. UAE time to reach Mangaluru at 9.10 pm IST on May 14. Earlier it was reported that the flight will operate on May 12. However, sources of Mangaluru International Airport and Air India today confirmed that first flight will be on May 14.

The state government has directed Dakshina Kannada and Udupi districts authority to quarantine all passengers once they reach.  

All Kannadigas will be given permission to travel back home only after they test negative in Covid test at Dubai airport.

In fact, Karnataka was missing in the list of states to receive special flights when Ministry of External Affairs arranged them to bring stranded Indians at UAE. Special flights were arranged only to Kerala and Tamil Nadu people stranded at UAE in the first stage.

Thanks to Karnataka NRI Forum of UAE which opened helpline (https://uaekannadahelpline.club) to seek assistance to Kannadigas, nearly 2000 Kannadigas have registered for assistance in which 127 pregnant women, 27 senior citizens, 700 people who have lost jobs aftermath of coronavirus sought assistance from NRI forum.

After providing food and shelter to Kannadigas who lost jobs at UAE since March 2020, NRI forum put pressure on both state and Centre to arrange special flights to send them to home. 

The NRI Forum has approached Indian Consulate at UAE and chief minister BS Yediyurappa to evacuate Kannadigas, but got no response. Following this, Karnataka NRI Forum President Praveen Shetty approached Union Minister for Chemicals and Fertilizers DV Sadananda Gowda for help. Gowda immediately responded the call and he spoke to MEE to arrange special flight for Kannadigas as well.

Indian government has promised to arrange special flight to Mangaluru or Bengaluru by next week to bring Kannadigas.

Comparing to other Indian States, Karnataka has the highest number of its people working in UAE. Around 1.25 lakhs Kannadigas are working in UAE in which majority are working classes. Due to Covid-19 pandemic thousands of workers have lost jobs, Mr. Shetty explained.

"Indian government had arranged special flights from US, UK, Singapur and other countries to bring back Indians, but excluded UAE in the list. Actually, lakhs of Indians are working in UAE as labourers and in odd jobs, the government should have given first priority to bring labourers rather rich one", he opined.

"BJP has 27 MPs from Karnataka. We continuously requested all BJP MPs and state government but none of them came to our help. Thanks to Mr Gowda for his timely intervention to bring stranded Kannadigas", Mr Shetty said. 

Comments

Prarthana Prab…
 - 
Friday, 8 May 2020

Dear Sir/ Madam,  we are struck in the US for over 2 months due to Tavel restrictions imposed by India. I have incurred huge expenses for our stay here and would like to go back to our country as soon as possible. I have a small children and aged parents back home to take care. They are finding difficult cope with the situation as I am the sole bread earner in the family. Appreciate if you can help me at the earliest.

 

Priyanka Prabh…
 - 
Friday, 8 May 2020

Dear Sir/ Madam,  we are struck in the US for over 2 months due to Tavel restrictions imposed by India. I have incurred huge expenses for our stay here and would like to go back to our country as soon as possible. I have a small child and aged mother back home to take care. They are finding difficult cope with the situation as I am the sole bread earner in the family. Appreciate if you can help me at the earliest.

 

 

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May 18,2020

Bengaluru, May 18: Karnataka chief minister B S Yediyurappa today announced lockdown relaxations from tomorrow (May 19) across the state. As per new guidelines public transport services will start operations outside COVID-19 containment zones in the state. 

 “To facilitate easy movements of citizens, services of the BMTC, KSRTC, NEKRTC and NWKRTC will start from Tuesday morning, except in containment zones. Even private buses can ply,” Yediyurappa said, after discussing the Centre's Lockdown 4.0 guidelines with his Cabinet colleagues and officials. 

“The only condition is that only 30 people should travel in one bus so as to ensure social distancing,” the CM said. 

He also clarified that bus fares will not be hiked. “I know there will be losses incurred. The government will bear the losses,” he said. 

Auto rickshaws, taxis and maxi cabs (six-passenger vehicles) will also be allowed to operate. “Auto rickshaws and taxis will have a driver and two passengers. Maxi cabs will have a driver and three passengers,” Yediyurappa said. 

All parks in the state will be open 7 am to 9 am and 5 pm to 7 pm. 

Starting Tuesday, all shops except malls and theatres can open. “This includes salons,” the CM said. 

All relaxation will cease to exist every Sunday, the CM said. “Every Sunday will be a complete lockdown. There’ll be no shops and the movement of people. It’ll be a complete rest day,” he said. 

The existing curfew from 7 pm to 7 am will continue on all days, which means public transport services will not be allowed during this time. 

Trains will run within the state, but interstate trains will not be allowed till May 31, the CM said. 

It is mandatory for citizens to wear masks in public. “Not wearing a mask will be penalised,” Yediyurappa said. 

On the classification of zones, Yediyurappa said the government's main focus was containment zones. “We're particular about containment zones. In the Karwar district, for example, Bhatkal will be a containment zone and no other taluk will have restrictions,” he said. 

However, the government will review the relaxation based on how things pan out. “States have been given the freedom, so we can withdraw or modify as necessary,” he said.

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January 16,2020

Madikeri, Jan 16: Income Tax Department officials on Thursday raided the residence of Kannada actress Rashmika Mandanna at Virajpet in Kodagu District on Thursday.

About 10 IT officials arrived at the residence on Thursday at about 1930 hrs and started searching. The officials have been busy conducting the raid for more than three hours now.

I-T sources said that the search and seizure operations were conducted on suspicion that Rashmika Mandanna had evaded taxes.

Mandanna, 23, is a leading heroine and has acted in several Kannada and Telugu films over the last four years. Her most recent film Sarileru Neekevvaru opposite Mahesh Babu is in the theatres now.

She made her debut in Sandalwood with the film Kirik Party, which was a huge success at the box office. She went on to act in several Kannada and Telugu films in the last two years and has become a huge success in the industry. She has acted in Dear Comrade, Sarileru Neekevvaru, Chalo, Geeta Govindam, Chamak, Yajamana, Anjani Putra and Vritra.

She is currently working in the film Pogaru alongside Dhruva Sarja. She has acted in nine movies in the last two years and has also signed several advertising contracts.

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