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
July 2,2020

Mangaluru, Jul 2: Mangaluru BJP Corporator Manohar Shetty, who entered a manhole to clean a drain, said that he did it to avoid waterlogging ahead of monsoon as people were facing several problems for the past few years.

"In my ward, there is a rainwater drain at Kadri Kambla junction and for the past few years, there was a waterlogging problem due to trash water used to collect and vehicles used to find it difficult to pass in that area," Shetty said.

"Since there was a lot of trash it had to be cleared to avoid waterlogging. We changed our dresses, and then I along with my three party workers entered manhole and cleared the trash," he said.

The Mangaluru BJP Corporator further said that it was not a publicity stunt, and he cleaned the drain to solve the problem of people. "During elections, I had promised people to get the drain cleaned. Since monsoon was coming; something had to be done; we did not do it for publicity but to solve a problem," he said.

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News Network
February 24,2020

Belagavi, Feb 24: Almost a month after a soldier was reported missing following a trip to Gokak's Godchinamalaki falls, his wife and her lover - who was her car driver - were arrested in Belagavi for his murder.

Police said the accused, Prashant Patil, and two friends tried to throw Deepak Pattanadara, 32, off a cliff after slitting his throat. Deepak's wife, Anjali, had registered a missing case with police on February 4, saying her husband had gone on a trip with friends on January 28 and hadn't returned.

In a twist, Deepak's elder brother lodged a complaint at the same police station, alleging that Anjali was behind the disappearance.

Anjali and Prashant, both 26, were arrested on Saturday while Prashant's two friends are absconding. Deepak's decomposed body has been recovered.

Deepak, who was posted in Delhi and was on the verge of retirement after 14 years in the army, had suspected his wife's alleged affair, police said. He'd bought a car for Anjali in 2019, and since he was home only twice a year, he hired Prashant as the driver. Anjali and Prashant grew close but when Deepak asked Anjali about the affair, she denied it outright.

When Deepak came home during vacation, the duo planned to eliminate him, police said.

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May 8,2020

Mangaluru, May 8: After continuous pressure on Union government from Karnataka NRI Forum- UAE, the first special flight carrying 180 Kannadigas who stranded at UAE due to Covid-19 pandemic will fly from Dubai to Mangaluru on May 14.

The special flight will take off from Dubai at 4.10 p.m. UAE time to reach Mangaluru at 9.10 pm IST on May 14. Earlier it was reported that the flight will operate on May 12. However, sources of Mangaluru International Airport and Air India today confirmed that first flight will be on May 14.

The state government has directed Dakshina Kannada and Udupi districts authority to quarantine all passengers once they reach.  

All Kannadigas will be given permission to travel back home only after they test negative in Covid test at Dubai airport.

In fact, Karnataka was missing in the list of states to receive special flights when Ministry of External Affairs arranged them to bring stranded Indians at UAE. Special flights were arranged only to Kerala and Tamil Nadu people stranded at UAE in the first stage.

Thanks to Karnataka NRI Forum of UAE which opened helpline (https://uaekannadahelpline.club) to seek assistance to Kannadigas, nearly 2000 Kannadigas have registered for assistance in which 127 pregnant women, 27 senior citizens, 700 people who have lost jobs aftermath of coronavirus sought assistance from NRI forum.

After providing food and shelter to Kannadigas who lost jobs at UAE since March 2020, NRI forum put pressure on both state and Centre to arrange special flights to send them to home. 

The NRI Forum has approached Indian Consulate at UAE and chief minister BS Yediyurappa to evacuate Kannadigas, but got no response. Following this, Karnataka NRI Forum President Praveen Shetty approached Union Minister for Chemicals and Fertilizers DV Sadananda Gowda for help. Gowda immediately responded the call and he spoke to MEE to arrange special flight for Kannadigas as well.

Indian government has promised to arrange special flight to Mangaluru or Bengaluru by next week to bring Kannadigas.

Comparing to other Indian States, Karnataka has the highest number of its people working in UAE. Around 1.25 lakhs Kannadigas are working in UAE in which majority are working classes. Due to Covid-19 pandemic thousands of workers have lost jobs, Mr. Shetty explained.

"Indian government had arranged special flights from US, UK, Singapur and other countries to bring back Indians, but excluded UAE in the list. Actually, lakhs of Indians are working in UAE as labourers and in odd jobs, the government should have given first priority to bring labourers rather rich one", he opined.

"BJP has 27 MPs from Karnataka. We continuously requested all BJP MPs and state government but none of them came to our help. Thanks to Mr Gowda for his timely intervention to bring stranded Kannadigas", Mr Shetty said. 

Comments

Prarthana Prab…
 - 
Friday, 8 May 2020

Dear Sir/ Madam,  we are struck in the US for over 2 months due to Tavel restrictions imposed by India. I have incurred huge expenses for our stay here and would like to go back to our country as soon as possible. I have a small children and aged parents back home to take care. They are finding difficult cope with the situation as I am the sole bread earner in the family. Appreciate if you can help me at the earliest.

 

Priyanka Prabh…
 - 
Friday, 8 May 2020

Dear Sir/ Madam,  we are struck in the US for over 2 months due to Tavel restrictions imposed by India. I have incurred huge expenses for our stay here and would like to go back to our country as soon as possible. I have a small child and aged mother back home to take care. They are finding difficult cope with the situation as I am the sole bread earner in the family. Appreciate if you can help me at the earliest.

 

 

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