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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News Network
July 12,2020

Tumakuru, Jul 12: A four-year-old boy was killed by a leopard at Rajendrapur hamlet at Hasige Hobli village near Huliyurdurga in Kunigal taluk.

Police said on Sunday that this was the third such attack by big cats in the district in a span of six months.

Forest officials said that the boy had gone with his mother to wash clothes at a tank and the animal attacked him while playing there on Saturday late evening. 

A passerby who witnessed the incident scared the animal, it escaped leaving the boy’s body behind.

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Agencies
March 14,2020

Bengaluru, Mar 14: Bus-stands and railway stations in this IT city wore a deserted look on Saturday and malls, cinemas, pubs and night clubs remained shut as part of the lockdown announced by the state government following the country's first coronavirus fatality reported from Karnataka on March 12.

Six people in Karnataka have contracted the virus including the 76-year-old man who died due to this disease from Kalaburagi in the state.

A day after chief minister B S Yediyurappa announced the shutdown for a week, the usual rush at the Central bus-stand was missing.

"Since yesterday there is slackness. Today again we are witnessing the same," a Bangalore Metropolitan Transport Corporation official told PTI.

The Karnataka State Road Transport Corporation, which runs inter-city and inter-state buses, too has seen a decline in its revenue.

"For the past five to six days we are seeing a drop of Rs 32 lakh to Rs 35 lakh in our daily revenue of Rs eight crore," Bengaluru divisional controller B T Prabhakar Reddy said.

On March 13, Yediyurappa issued instructions to stop all kinds of exhibitions, summer camps, conferences, fairs, marriage, sports and engagement events and birthday parties state-wide for a week from Saturday.

Business at pubs and aars have taken a hit due to the virus threat.

"Our businesses have suffered somewhere between 40 per cent and 70 per cent.

It is very difficult to cope with the situation," said Manu Chandra, Bengaluru chapter head of National Restaurant Association of India.

In Chitradurga district, the annual Rathayatra was cancelled whereas in Bengaluru, a temple displayed a board that it will not distribute any 'teertha' (holy water) or 'prasad' (offering) to devotees in view of the coronavirus scare.

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News Network
May 19,2020

Bengaluru, May 19: Containment zones in Karnataka will be much smaller in size under the latest lockdown norms. However, rules and loopholes will be tightened and action against violators will be stringent in order to check the spread of the disease.

Revised guidelines issued by the Centre to the state, reveal containment zones are delineated based on mapping of cases and contacts. Intensive action will be carried out in these areas with the aim of breaking the chain of transmission. Therefore, the area of a containment zone should be appropriately defined by the district administration/local urban bodies with technical inputs at local level.

The health department is considering shrinking the size of containment zones from the existing 100 metres to open up more space for economic activities. Medical education minister K Sudhakar, also a member of the Covid taskforce, said additional chief secretary (health department) Javed Akthar will issue a new definition of a containment zone after the Covid-19 taskforce holds its next meeting.

“We are planning to further shrink it and restrict containment zones to an apartment complex, independent house or even a lane where the Covid-19 patient resides,” Sudhakar said. He went on to say bigger containment zones will impede businesses and normal activities in the vicinity, something which the government wants to avoid.

The minister said Karnataka will also do away with colour-coding districts. “With restrictions being relaxed for almost all activities, it does not make sense to pursue with colour codes. It is either containment zone or outside containment zone,” he said.

In rural areas, the minister said containment zones will be identified by the taluk heads. Government sources say it is difficult to restrict activities to certain areas or smaller location in rural areas as farmers and people will have to travel to the outskirts of their villages for their livelihood.

An official said, a containment operation (large outbreak or cluster) is deemed successful when no case is reported in 28 days from the containment zone.

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