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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coastaldigest.com web desk
July 4,2020

Bengaluru, Jul 4: In a heart-wrenching incident, a 65-year-old coronavirus patient at Hanumath Nagar in South Bengaluru died outside his house waiting for an ambulance on Friday evening. The body was kept on the road for more three hours.

The deceased tested positive for coronavirus on Friday and immediately called an ambulance to reach a hospital. However, according to his family members, as he waited for the ambulance for nearly three hours, he collapsed on the road in front of his house complaining of breathlessness and died.

As the body lay unattended on the road, it began to rain heavily. Soon, videos of the body lying on the road in the heavy rain went viral on social media. 

A senior doctor in charge of the division, however, claimed that the ambulance had arrived in less than half an hour but the patient had died before they reached the spot. 

"The patient had given samples on Thursday at KIMS and tested positive on Friday. BBMP officials informed them that they would reach his house. But the man, fearing that he may be stigmatised in the locality, began walking to the corner of the road and collapsed on the street and died," the officer said. 

Another health official from Basavanagudi limits said: "As the ambulance staff do not transport the dead, they informed the hearse van, which was set to arrive in 30 minutes. But due to the sudden rain and heavy traffic ahead of the curfew hours, they were stranded for almost three hours later." The officials also said the deceased had been suffering from cardiac ailments for almost 10 years. 

Regretting the incident, BBMP officials said they were helpless as was an acute shortage of hearse vans. "We were told that there were 20 deaths today and there are only eight hearse vans available. They had to shift this patient after attending to another mortality and were stuck in traffic. By then, due to the fear of infection, nobody attended to the deceased," the officer explained. 

BBMP commissioner B H Anil Kumar said that such incidents should not recur and ordered an investigation and sought a report. "We will ensure that such incidents do not recur," Kumar said.  

Following outrage on social media, a hearse van was summoned and the body was shifted to the Victoria Hospital mortuary as per the protocol. Police have opened a case of unnatural death.

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News Network
July 6,2020

Mandya, Jul 6: Mandya Lok Sabha MP Sumalatha Ambarish tested positive for COVID-19 on Monday, July 6. Confirming the same, she tweeted, “It (test result) is positive with very mild symptoms and I have been advised home treatment,” she confirmed.

“I had developed mild symptoms of headache and throat irritation on Saturday, July 4. I decided to get myself tested as I might have been exposed to COVID-19 during the course of my constituency duties and tours. The results arrived today. It is positive with very mild symptoms and I have been advised home treatment,” she said in a tweet.

The MP sad she was going through the prescribed treatment as per her doctor’s instructions. “By God’s grace, my immunity level is strong and I am confident that I will soon get through this situation with your support,” she said, adding that she had already given the authorities the details of the persons who she might have come in contact with.

“But I would still urge those who have come in contact with me, if you have any symptoms, to get tested immediately. Let’s win the war against COVID-19,” she further said. Sumalatha had been involved in COVID-19 activities in her constituency which has recently seen a spike in the number of cases.

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News Network
March 9,2020

Bengaluru, Mar 9: Karnataka government has ordered holidays for children in lower and upper kindergarten classes in Bengaluru, in the wake of coronavirus outbreak and with positive cases being reported from states in its neighbourhood.

"Further to the advice received from the Health Commissioner, holidays have been declared for Lower and Upper Kindergarten classes in Bengaluru North, South and Rural districts due to coronavirus, " Karnataka Minister for Primary and Secondary Education S Suresh Kumar said on Sunday.

According to official estimates, no positive cases of coronavirus have been reported from Karnataka till now.

The state has strengthened all surveillance and containment measures against the possible spread of disease.

Till Sunday, 890 persons have been identified for observation including persons who have travelled to COVID-19 affected countries and contacts of COVID-19 positive cases.

Six persons have been admitted to selected isolation hospitals.

According to official estimates, till date 87,066 passengers have been screened at airports in Karnataka.

The number of COVID-19 cases in India climbed to 39 on Sunday with five people in Kerala testing positive for coronavirus. The deadly virus has caused the deaths of over 3300 people globally.

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