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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March 13,2020

Bengaluru, Mar 13: India has registered the first confirmed case of death due to novel coronavirus. A 76-year-old man from Karnataka's Kalaburgi who passed away recently has been tested positive for Covid-19.

The doctors had suspected that the man had coronavirus, however, the test had not confirmed it.

In an official notification, a senior health official in Karnataka government Dr Suresh Shastri said that the lab test has confirmed that the deceased man had Covid-19.

"The 76-year-old man from Kalburgi who passed away and was a suspected COVID 19 patient has been confirmed for COVID 19. The necessary contact tracing, isolation and other measures as per protocol are being carried out. Telangana government has also been informed since he went to a private hospital there," Dr Suresh Shastri said.

The same information was also shared by Karnataka health minister B Sriramulu.

A senior Union health ministry official said in New Delhi that the death of the man had visited Saudi Arabia from January 29 to February 29. The official said the man had reached in Hyderabad on February 29 and went to Kalaburagi in Karnataka.

State Joint Director (Communicable Diseases) BG Prakash Kumar said all protocols were followed for disposal of the body.

"The body is disinfected completely and disposed of as per the Government of India guidelines," he added when asked to elaborate on the protocols.

He said the Telangana government has also been informed as the man had gone to a private hospital in Hyderabad earlier.

While announcing the death of the man on Tuesday, the state authorities had said the exact cause his death was being ascertained.

According to the Union health ministry official, "While he was asymptomatic on his return (from Saudi Arabia), he developed symptoms of fever and cough on 6th March. One private doctor visited him at his home and treated him there."

"On 9th March, the symptoms got aggravated and he was shifted to a private hospital in Kalaburagi. In this private hospital, he was provisionally diagnosed as 'mid-zone viral pneumonia' and 'suspected Covid-19'," the official said.

"The sample was collected on March 9... Without waiting for the test results, the attendees insisted and the patient was discharged against medical advice and the attendees took him to a private hospital in Hyderabad," the official said.

The patient was admitted to a private hospital in Hyderabad and treated. He died on Tuesday when he was being brought back to the Gulbarga Institute of Medical Sciences (GIMS) in Kalaburagi.

Apart from the deceased, Karnataka has confirmed five other positive cases of the novel coronavirus. The fifth case, confirmed on Thursday is of a 26-year-old man who recently returned from Greece.

The patient has been admitted and isolated at a hospital and his condition is stable, a department media bulletin said.

The day also saw the education department declaring summer holidays for students from kindergarten to class six and study leave for higher classes in the city as a precautionary measure.

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June 5,2020

Bengaluru, Jun 5: An FIR has been filed against former journalist and human rights activist Aakar Anil Patel in Bengaluru here over his comments on social media under charges pertaining to provocation with intent to cause riots.

The FIR was registered under Section 117 (abetting commission of an offence by the public or by more than ten persons), 153 (wantonly giving provocation with intent to cause riot), and 505-1-B (intent to cause, or which is likely to cause, fear or alarm to the public, or to any section of the public) of the Indian Penal Code (IPC) at the JC Nagar police station.

According to the FIR filed on June 2, Patel had tweeted that protests like the ones in the US over George Floyd's death are needed in India by the marginalised communities.

Patel, former chief of Amnesty International India, had on May 31 posted from his Twitter account, which is not verified.

On May 25, Floyd died in police custody in Minneapolis, Minnesota, following which protests against police brutality and racism erupted in various cities in the United States. The protests were later replaced by incidents of violence across the country.

India also has witnessed several cases of mob lynchings and custodial deaths in recent years. In most cases victims belong to down trodden communities such as Muslims and Dalits.

Responding to the development, Amnesty International India has said that FIR against Patel is another example of how the right to dissent is being "increasingly" criminalised.

"The Bengaluru police must stop abusing its authority and put an end to the intimidation and harassment of Aakar Patel for exercising his constitutionally guaranteed right to freedom of expression. People of this country have the right to agree or disagree with those in power, and to express these opinions in peaceful protests - without fear or unlawful interference," Amnesty International India Executive Director Avinash Kumar said.

He said that peacefully protesting against the government is not a crime and added that not agreeing with the policies of those in power does not make you a traitor.

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March 25,2020

Bengaluru, Mar 25 : Karnataka recorded its highest single-day tally to date, as 10 people tested positive, taking the total number of cases to 51 in the state.

“Till date 51 COVID-19 positive cases have been confirmed in the state which includes one death and three discharged," the health department said in a statement on Wednesday.

The rise in cases adding to the growing national tally of people who have tested positive for COVID-19.

The daughter of a former union minister from the Bharatiya Janata Party (BJP) from Karnataka has also tested positive.

Bengaluru accounts for 32 of the total 51 cases recorded in the state so far,including three who have fully recovered and released.

Dakshina Kannada has five confirmed cases, Chikkaballapura and Kalaburagi has three cases each, Mysuru has and Uttara Kannada has two cases each and four other districts have one case each.

Prime Minister Narendra Modi has announced a 21-day lockdown of the country to keep people indoors and contain the spread of the virus in the community.

The government has also been trying to scale up testing.

Medical education minister K.Sudhakar on Wednesday told Mint that Karnataka will scale up testing by 10-fold with the help of government and private labs approved by the Indian Council of Medical Research (ICMR).

A total of 2,438 people have been tested in Karnataka and 2242 have tested negative, according to state health department. 214 people are lodged in medical hospitals.

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