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
March 25,2020

Bengaluru, Mar 25: In what is suspected to be the second COVID-19 death in Karnataka, a 70-year-old woman from Gouribidanuru, who was under house quarantine for the last one week has died at Rajiv Gandhi Hospital for Chest Diseases.

The woman, who had recently returned from the Mecca pilgrimage developed fever on Tuesday afternoon. She was rushed to hospital, where she died on Wednesday morning.

Health and Family Welfare officials said that the throat swab sample of the woman had been sent to the laboratory for testing and the result was expected to come by afternoon.

Since last week, at least three cases of COVID-19 positive had been reported in Gouribidanuru in Chikkaballpura district, about 80 kms from Bengaluru.

Most of the suspects and confirmed cases had returned from Makkah pilgrimage. Even the deceased woman was one of them and had been advised house quarantine.

On Tuesday morning, she developed fever and was shifted to Gouribidanur hospital and later to Chikkaballapura hospital. By evening, she was moved to Rajiv Gandhi hospital, where she died on Wednesday morning.

The Chikkaballapura district administration has proclaimed prohibitory orders in the locality. They have also taken the woman's family members for testing.

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News Network
April 14,2020

Bengaluru, Apr 14: Bracing for post-lockdown hard times, the Karnataka government on Monday decided to auction about 12,000 BDA sites and regularise unauthorised constructions across the state in a bid to shore up its already-thin finances.

"Some 12,000 corner sites (developed by Bangalore Development Authority, or BDA) are lying idle in Bengaluru. We hope to net about Rs 15,000 crore from the auction of the sites," chief minister BS Yediyurappa said after chairing a meeting with senior ministers and officials to discuss ways to raise funds.

"The Covid-19 pandemic has thrown Karnataka into a deep financial crisis. There's a need for such measures," the chief minister said in defence of the decisions.

The sites – mainly of 40x60ft and 50x80ft dimensions – are in nine layouts. Also, the state government will auction corner and vacant sites in layouts formed by development authorities in other major cities of Karnataka.

Industry experts said that in a tepid market, it wasn’t easy to find buyers for the sites, each of which costs about Rs 1 crore. The CM said, “Since it’s an open auction, I’m confident of a good price since corner sites are always in demand. If we don’t get the expected price, then we will stop the process.”

The meeting decided to fast-track disposal of the cases related to regularisation of unauthorised constructions pending before courts. “If courts decide these cases, then thousands of people will be relieved, besides helping the government in mobilising resources to take up development works,” the CM said.

The government hopes to get about Rs 4,000 crore from the layout-regularisation move.
The government decided to amend the law to allow hundreds of private and cooperative housing societies to allot residential plots.

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coastaldigest.com news network
July 11,2020

Mangaluru, Jul 11: Under the fourth phase of Vande Bharat Mission, the government of India has announced as many as 42 repatriation flights from Saudi Arabia to various Indian destinations including four flights to Karnataka. 

On July 25 an Air India flight will fly from Dammam International Airport to Kempegowda International Airport in Bengaluru.

On July 26 another Air India flight will take off from Dammam and land in Bengaluru and then again it will continue its journey till Mangaluru International Airport. 

On July 27, Air India will operate a flight from Jeddah’s King Abdulaziz International Airport to Bengaluru. 

On July 28, Air India will operate another flight from Jeddah to Mangaluru. It will be the last flight from Saudi to Karnataka under the fourth phase of Vande Bharat Mission.

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