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
February 2,2020

Hassan, Feb 2: Former prime minister and JD(S) supremo H D Deve Gowda has said that the controversy over the Citizenship (Amendment) Act should be resolved peacefully through discussion.

Speaking to reporters in Halebeed on Saturday, Gowda said that the Act affects only Muslims but would also prove troublesome for the Hindus. “Opening fire on anti-CAA protesters is the not solution to the issue,” he said.

Deve Gowda said that during his tenure as prime minister a number of problems concerning Muslims were addressed. “But, in the run up to election, Rahul Gandhi described us ‘B’ team of BJP. This led to vote swing,” he added. When his comment was sought on the budget, the former prime minister said that he had not yet read the budget document.

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News Network
March 30,2020

Mangaluru Mar 30: The Mangaluru South Police has registered a criminal case against a man over a 'derogatory post' against the district administration. According to DC Sindhu B Rupesh, the man identified as Melwyn Pinto had sent a derogatory message on WhatsApp.

She warned on taking stringent action against miscreants who are spreading false information and rumours about district administration under DM Act provisions.

Meanwhile, City Commissioner of Police Dr P S Harsha said, "We have noticed people going around on merry rides without purpose either on two-wheelers or in cars during the lockdown period."

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News Network
June 5,2020

Bengaluru, Jun 5: The much awaited Southwest Monsoon entered Karnataka with widespread rain in coastal and central regions of the southern state, an official said on Friday. Rain and thundershowers are likely to occur at most places over coastal areas and at a few places over the interior parts over the next 24-48 hours.

"The southwest monsoon entered the state on Thursday as predicted from Kerala and the Arabian Sea, with moderate to heavy rainfall in the coastal districts and central or Malnad region of the state," Karnataka State Natural Disaster Monitoring Centre Director Srinivas Reddy told media here.

Though the monsoon has set in on time in the state, Reddy said its progress was likely to be slow in the next three days, as cyclone Nisarga induced high-speed winds took away rain-bearing clouds from the southern peninsula.

According to the regional meteorological office, Karwar in Uttar Kannada district received a whopping 15cm rainfall on Thursday, followed by 11cm each at Kundapur in Udupi district and Shivamogga in Malnad region.

Kadra and Gersoppa in Uttara Kannada and Kottigehara in Chikkamagaluru district had 10cm rainfall, followed by 8cm at Virajpet in Kodagu district and 7cm each at Shirali and Gokarana in Uttara Kannda.

Isolated to scattered rainfall also occurred in many places across the north and south interior regions of the state.

"The monsoon will advance in the state to south and north interior areas after June 8 as there is lull in its movement due to lack of rain-bearing clouds and winds to carry them," said Reddy.

Noting that the four-month monsoon from June to September, crucial to the rain-dependent state would be normal this year, Reddy said its progress and spread, however, would depend on various factors like cloud formations and wind movements.

"Conditions are likely to become favourable for monsoon advancement in the state over the next 2-3 days," asserted Reddy.

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