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 news network
January 13,2020

Mangaluru, Jan 13: At least one lakh people from across the twin districts of Dakshina Kannada and Udupi are likely to attend the protest meet against CAA-NRC on January 15 at Adyar Kannur in Mangaluru.

Massive preparations are going on at the Shaha Garden in Adyar where the event is expected to start at 2:30 p.m.

Organisers have urged the people to make the event successful one by maintain peace and not giving an opportunity for trouble mongers to disrupt the event.

Addressing a press meet here today, K S Mohammad Masood, president of the Muslim Central Committee of DK and Udupi, said that senior activists and priests from different religions also will take part in the event.

The guest list includes acclaimed thinker and activist Harsh Mander, former IAS officer Kannan Gopinathan, retired Supreme Court judge Venkate Gopala Gowda.

Mangaluru Bishop Peter Paul Saldanha, Jnanaprakash Swamiji of Mysuru, Mangaluru Khazi Thwaka Ahmed Musliyar, Udupi Khazi Bekal Musliyar, Ullal Khazi Fazal Koyamma Thangal, JIH leader Mohammed Kunhi and PFI leader Mohammad Shaqib also will among dozens of guests.

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Agencies
January 24,2020

Indore, Jan 24: Bharatiya Janata Party (BJP) leader Kailash Vijayvargiya on Thursday said that he suspected that there were some Bangladeshis among construction labourers who worked at his house recently.

Their “strange” eating habits aroused suspicion about their nationality, the BJP general secretary said at a seminar in support of the Citizenship Amendment Act (CAA) here.

When a new room was being added at his house recently, he found “eating habits” of some of the workers “strange” as “they were eating only `poha’ (flattened rice)”, he said.

After talking to their supervisor and the building contractor, he suspected that these workers were from Bangladesh, the BJP leader said.

When reporters questioned him later, Vijayvargiya said, “I suspected these workers were residents of Bangladesh. Two days after I became suspicious, they stopped working at my house. I have not filed any police complaint yet. I only mentioned this incident to warn people,” he said.

Speaking at the seminar, Vijayvargiya also claimed that a Bangladeshi terrorist was keeping a watch on him for the last one and a half years.

“Whenever I go out, six armed security personnel follow me. What is happening in this country? Will outside people enter and spread so much terror?” he asked.

“Don’t get confused by rumours. The CAA is in the interest of the country. This law will provide asylum to genuine refugees and identify intruders who are a threat to the country’s internal security,” he added.

Comments

Well Wisher
 - 
Sunday, 26 Jan 2020

Koopa Mandooka. illeterates. Do not bother about them.

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News Network
June 12,2020

Bengaluru, June 12: The Karnataka government has withdrawn its notification that allowed factories to extend working hours up to 10 hours a day and 60 hours a week, with immediate effect.

The extension of work hours was from eight hours a day and 48 hours a week. On May 22, the government had exempted all the factories registered under the Factories Act, from the provisions of Section 51 (weekly hours) and Section 54 (daily hours), till August 21 subject to certain conditions.

"Whereas, having examined the provisions further, the Government of Karnataka now intends to withdraw the said notification," the state government in a fresh notification dated June 11 said.

It said, "Therefore, in exercise of the powers conferred under Section 5 of Factories Act, 1948 (Act No. 63 of 1948), the Government of Karnataka hereby withdraws the Notification dated 22-05-2020 with immediate effect."

According to the Karnataka Employers' Association, a petition was filed in the High Cour challenging the May 22 notification as "illegal, arbitrary and in violation" of Section 5 of the Factories Act which permits exemption from any of the provisions of the Factories Act only in case of Public Emergencies'.

During the course of hearing on June 11 an observation was made by the High Court, that it may have to quash the notification unless the government clarifies as to what is the 'Public Emergency' involved to enhance the working hours by exempting some provisions of the Factories Act, it said.

The court further observed that the government should make a submission on June 12 in this behalf. However, the government withdrew the notification on June 11 itself. Recently states like Rajasthan and Uttar Pradesh too had retracted after permitting extending work hours.

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