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
May 15,2020

Bengalur, May 15: Karnataka Deputy Chief Minister Dr CN Ashwath Narayan on Friday said that stern action will be taken against the persons responsible for organising the village temple fair in Ramanagara district.

"Stern action will be taken against the person responsible for organising the festival. This should not have happened," the Deputy CM said.

Flouting all social distancing norms, people had gathered in large numbers for a temple fair in Kolagondanahalli village of Ramanagara. People were even not wearing masks.

They had taken permission for gathering from Panchayat Development Officer NC Kalmatt.

Kalmatt has been suspended by Ramanagara Deputy Commissioner following a report by the Tehsildar.

Meanwhile, 45 more COVID-19 cases have been reported from Karnataka, taking the total number of coronavirus cases in the state to 1,032 on Friday, according to the state Health Department.

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News Network
April 27,2020

Bengaluru, Apr 27: Janata Dal-Secular leader and former Karnataka chief minister HD Kumaraswamy on Monday said that the government should work towards lowering the cost of living as the spending power of the consumer has weakened, and it should impose COVID cess on the ultra-rich.

"The economy won't bounce back within a very short period. It is important to lower the cost of living as the spending power of the consumer has depleted. The government must cut the petrol/diesel prices. The loss of revenue may be offset partially by imposing COVID cess on the ultra-rich," Kumaraswamy tweeted.

"According to RBI and international economic assessment agencies, the GDP growth rate of the country is expected to fall to a historic low. Such a dire situation calls for citizen-centric measures like full or partial waivers of EMIs, rents, school fees, and other levies," he added.

Kumaraswamy further said that the government must announce schemes to save the livelihoods of people, especially those in the unorganised sector.

"It is high time the government announced schemes to save livelihoods of people, especially those in the unorganised sector. The government must provide immediate relief to farmers, construction workers, cab and auto drivers, garment workers, etc," the former Karnataka CM tweeted.

The Confederation of Indian Industry (CII) had said on April 23 that India's economic growth is likely to hover between zero and 1.5 per cent in the current financial year as the extended COVID-19 lockdown slows down activity across most sectors.

India is under a nation-wide lockdown which was imposed on March 25 and later extended on April 14 to May 3 to stem the spread of coronavirus.

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Ram Puniyani
June 29,2020

In Minneapolis, US an African American, George Floyd lost his life as the white policeman, Derek Chauvin, caught hold of him and put his knee on his neck. This is a technique developed by Israel police. For nine long minutes the knee of the while policeman was on the neck of George, who kept shouting, I can’t breathe.

Following this gruesome murder America erupted with protests, ‘Black lives matter’. The protestors were not just African Americans but also a large section of whites. Within US one police Chief apologized for the act of this. In a touching gesture of apology the police force came on its knees. This had reverberations in different parts of the World.

The act was the outcome of the remnants of the racial hatred against blacks by the whites. It is the hatred and the perceptions which are the roots of such acts of violence. What was also touching that the state of democracy in US is so deep that even the police apologized, the nation, whites and blacks, stood up as a sensitive collective against this violence.

US is not the only country where the brutal acts of violence torment the marginalized sections of society. In India there is a list of dalits, minorities and adivasis who are regularly subjected to such acts. But the reaction is very different. We have witnessed the case of Tabrez Ansari, who was tied to the pole by the mob and beaten ruthlessly. When he was taken to police station, police took enough time to take him to hospital and Tabrez died.

Mohsin Sheikh, a Pune techie was murdered by Hindu Rashtra Sena mob, the day Modi came to power in 2014. Afrazul was killed by Shambhulal Regar, videotaped the act released on social media. Regar believed that Muslims are indulging in love Jihad, so deserve such a fate. Mohammad Akhlaq is one among many names who were mob lynched on the issue of beef cow. The list can fill pages after pages.

Recently a young dalit boy was shot dead for the crime of entering a temple. In Una four dalits were stripped above waste and beaten mercilessly. Commenting on this act the Union Minister Ramvilas Paswan commented that it is a minor incident. Again the list of atrocities against dalits is long enough. The question is what Paswan is saying is the typical response to such gruesome murders and tortures. In US loss of one black life, created the democratic and humane response. In India there is a general silence in response to these atrocities. Some times after a good lapse of time, the Prime Minister will utter, ‘Mother Bharati has lost a son’. Most of the time victim is blamed. Some social groups raise their voice in some fora but by and large the deafening silence from the country is the norm.

India is regarded as the largest democracy. Democracy is the rule of law, and the ground on which the injustices are opposed. In America though the present President is insensitive person, but its institutions and processes of democratic articulations are strong. The institutions have deepened their roots and though prejudices may be guiding the actions of some of the officers like the killer of George, there are also police officers who can tell their President to shut up if he has nothing meaningful to say on the issue. The prejudices against Blacks may be prevalent and deep in character, still there are large average sections of society, who on the principles of ‘Black lives matter’. There are large sections of vocal population who can protest the violation of basic norms of democracy and humanism.

In India by contrast there are multiple reasons as to why the lives of Tabrez Ansari, Mohammad Akhlaq, Una dalit victims and their likes don’t matter. Though we claim that we are a democracy, insensitivity to injustices is on the rise. The strong propaganda against the people from margins has become so vicious during last few decades that any violence against them has become sort of a new normal. The large populace, though disturbed by such brutalities, is also fed the strong dose of biases against the victims. The communal forces have a great command over effective section of media and large section of social media, which generates Hate against these disadvantaged groups, thereby the response is muted, if at all.

As such also the process of deepening of our democracy has been weak. Democracy is a dynamic process; it’s not a fixed entity. Decades ago workers and dalits could protest for their rights. Now even if peasants make strong protests, dominant media presents it as blocking of traffic! How the roots of democracy are eroded and are visible in the form where the criticism of the ruling dispensation is labelled as anti National..

Our institutions have been eroded over a period of time, and these institutions coming to the rescue of the marginalized sections have been now become unthinkable. The outreach of communal, divisive ideology, the ideology which looks down on minorities, dalits and Adivasis has risen by leaps and bounds.

The democracy in India is gradually being turned in to a hollow shell, the rule of law being converted in to rule of an ideology, which does not have faith in Indian Constitution, which looks down upon pluralism and diversity of this country, which is more concerned for the privileges of the upper caste, rich and affluent. The crux of the matter is the weak nature of democracy, which was on way to become strong, but from decades of 1980s, as emotive issues took over, the strength of democracy started dwindling, and that’s when the murders of the types of George Floyd, become passé. One does complement the deeper roots of American democracy and its ability to protect the democratic institutions, which is not the case in India, where protests of the type, which were witnessed after George Floyd’s murder may be unthinkable, at least in the present times. 

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