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 31,2020

Mangaluru, May 31:  Even as the worst locust attack on India in recent years raised concerns over its impact on crops, swarms of locusts have triggered panic in Karnataka’s Dakshina Kannada too. 

Farmers in the coastal district were taken aback when they found the swarms of locusts, which they feared as the arrival of desert locusts in the region.

According to reports, Renjalady village under the limits of Nuji Baltila Gramp Panchayats in Kadaba taluk and Shirlalu village in Belthangady taluk witnessed locust attacks in last couple of days. 

“Locust swarms were seen in many areas. We have also alerted agriculture department. Already insects have destroyed crops of many farmers,” said a farmer in Shirlalu village.  

Joint director of Dakshina Kannada district agriculture department MC Seetha confirmed that officials have received information from villagers about the locust scare and entemologists have already visited the place to collect more information.

Not Desert Locusts?

“We contacted entemologists and forwarded the pictures that farmers sent to us. Looking at the picture, entemologists have opined that it may be calotropis locust or colour grasshopper. Desert locusts usually arrive in lakhs,” said Ms Seetha. Desert locusts that are destroying crops in other parts of India may not come to Dakshina Kannada, she added.

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News Network
February 13,2020

Mangaluru, Feb 13: Jnandev Kamath, former President of erstwhile Mangalore Stock Exchange Limited died late last night in a private hospital in the city.

He was 65 and is survived by his wife and two daughters.

Jnandev Kamath was an alumnus of SDM College of Law and Business Management. 

He was one the founding members of Mangalore Stock Exchange Limited. He was an avid sportsman, an accomplished cricketer, a champion rallyist and golf coach. 

He often played for Pentlandpet Sports Association (PPSA) in his younger days.

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News Network
March 27,2020

Kollam, Mar 27: A young IAS officer in Kerala has been booked by police after he left the state violating instructions to remain under home quarantine following his recent return from honeymoon abroad, officials said on Friday.

A First Information Report has been registered against Kollam sub-collector Anupam Mishra, who hails from Uttar Pradesh, based on a report from the Health department about the violation, Kollam Superintendent of Police T Narayanan said.

Describing the action of the officer as a “serious matter”, District Collector B. Abdul Nasser said Mishra had returned to Kerala on March 19 from his Malaysia-Singapore trip and was advised to remain under quarantine, as per the protocol for overseas returnees in the backdrop of coronavirus outbreak.

On his return to Kerala from the foreign trip, Mishra had undergone medical examination and did not show symptoms. His personal staff, including gunman, have also been kept under observation.

However, the officer had left for his brother’s place in Bengaluru without informing anyone, Nasser said.

When the Collector got in touch with him, Mishra informed him that he was in Bengaluru.

“He was on leave after his marriage and took permission to travel to Malaysia and Singapore. On his return I advised him to remain under home quarantine. Seems like he left to be with his family at Bengaluru,” Nasser told PTI.

However, police said Mishra’s mobile tower location shows Kanpur in Uttar Pradesh.

Authorities came to know on Thursday that Mishra, who had been staying alone in his quarters at Kollam, was not there after health department staff, who regularly visit people in quarantine, found the lights in his house switched off, police sources said.

“The officer has gone without prior permission or leave. He did not have any symptoms of the virus. Without informing us, he left. It is a serious matter, the collector said adding Mishra has been asked to provide his current address and travel details to Bengaluru.”

When an officer leaves his jurisdiction, he is supposed to inform the government, which Mishra did not do. He has also not taken prior permission for leaving the state, the later told reporters.

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The state government has sought an explanation from the officer in this regard.

A case has been registered against him under various sections of the Indian Penal Code including 188 (disobedience to order duly promulgated by public servant), 269 (Negligent Act likely to spread infection of disease dangerous to life) and 271 (disobedience to quarantine rule), police said.

Kollam, is the only district in the state, which has not reported any positive case of COVID-19 so far. A total of 176 positive cases have been reported in the state so far.

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