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 28,2020

Bengaluru, Mar 28: A case has been registered against an Infosys employee in Bengaluru for a shocking social media post urging people to "go out and sneeze" and spread the highly contagious COVID-19 virus that has infected over 800 people across the country and claimed 19 lives.

"Let's join hands, go out and sneeze with open mouth in public. Spread the virus," the man wrote on Facebook.
"A case has been registered against the person. Further investigation on. Looking forward to get adequate support from your end during investigation," Sandeep Patil, Joint Commissioner of Police, Crime, Bengaluru city tweeted by tagging along a tweet by Infosys.
Taking congnisance of the post by its employee, the Infosys said the post was "against the code of conduct and its commitment to responsible social sharing".
"Infosys has completed its investigation on the social media post by one of its employees and we believe that this is not a case of mistaken identity," the company said in a statement on Twitter.
"The social media post by the employee is against Infosys' code of conduct and its commitment to responsible social sharing. Infosys has a zero tolerance policy towards such acts and has accordingly, terminated the services of the employee," the statement added.

Earlier this month, the IT firm had vacated one of its buildings in Bengaluru after an employee was suspected to be infected.

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News Network
February 27,2020

Bengaluru, Feb 27: The Centre has adopted Prime Minister Narendra Modi's mantra of "Make in India', for India and the world" to build strong defence and security infrastructure in the country, said Defence Minister Rajnath Singh after inaugurating the new Light Combat Helicopter Production Hangar at Helicopter Division in Hindustan Aeronautics Limited (HAL) Complex here on Thursday.

According to an official statement, the Defence Minister said in the last five years, India has made significant progress towards manufacturing military equipment indigenously under the 'Make in India' initiative.

Stressing that the defence industry plays a major role in the economic development of the country, Singh lauded the significant contribution of organisations like HAL.

Highlighting the Rs 35,000 crore exports target set for the coming years, he expressed confidence that HAL, through its various platforms, will contribute significantly to achieve this milestone.

According to the statement, Rajnath Singh commended HAL for being the backbone of the Indian Air Force and meeting the requirements of the Armed Forces.

"The HAL has excelled both in operations and finance in the last five years. It has achieved operational clearance on seven platforms, including Light Combat Aircraft and Light Combat Helicopter, and overhauled platforms like Hawk and SU 30 MKI," he said.

He also appreciated that HAL had a turnover of Rs 19,705 crore till March 2019 and it gave shareholders a healthy dividend of 198 per cent.

HAL also apprised the Defence Minister on the progress of the new design and development programme of indigenous Indian Multi-Role Helicopter (IMRH), the statement informed.

The full-scale mock-up was showcased to Rajnath Singh. The IMRH is proposed as a replacement to the existing medium-lift helicopters such as Mi17's, Kamovs and Seakings which will phase out in the next eight to ten years.

LCH is a 5.5-tonne class combat helicopter designed and developed by HAL. It is powered by two Shakti engines and inherits many technical features of the Advanced Light Helicopter. LCH has the distinction of being the first attack helicopter to land in Forward Bases at Siachen, 4,700 mts above sea level with 500kg load.

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Agencies
February 4,2020

Lucknow, Feb 4: Even as anti-NRC protests continue to rage across the country, the Lucknow University has queered the pitch by demanding citizenship proof from RTI applicants.

The Lucknow University (LU) refused to provide the information sought by the people who filed the Right to Information (RTI) unless they furnished the proof that they were Indian citizens.

Alok Chantia, one of the RTI applicants who was refused information by the varsity, said that he had lodged a complaint with the vice-chancellor of the varsity but even then he could not get the desired information.

"It is shocking how the university has twisted the RTI law as per its whims and fancy. It does not have any authority to do so," said the RTI applicant.

Chantia, also a faculty member at a degree college here, had sought details of appointment of teachers for self-financed courses and their pay scale.

"It is possible that some applicants who may not be familiar with the provisions of the RTI, may have furnished proof of their citizenship to the varsity to get the information but that cannot become a rule," he pointed out.

When contacted, university officials admitted that such a practice had been going on in the varsity for the past few years.

"This practice started during the tenure of the former vice-chancellor S.P. Singh and still continues," said a senior varsity official.

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