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
April 26,2020

New Delhi, Apr 26: The Centre will bring back the Indian citizens stranded abroad due to the ban on arrival of international passenger aircraft, only if the respective states they belong to agree to allow them to come back home and make necessary arrangements to quarantine them after their return.

The Ministry of External Affairs (MEA) has started consultations with the State Governments on bringing back the Indians, who got stranded in the United States, United Kingdom, France, Italy, Canada and many other foreign countries due to the ban on arrival of international passenger aircraft to any airport in the country. The decision on facilitating their return to the country would be taken after getting feedback on preparedness of the States and the Union Territory to receive them following all required health precautions, Cabinet Secretary Rajiv Gauba said.

Gauba on Saturday had a video-conference with the Chief Secretaries of all States and Union Territories to review the implementation of the restrictions on travel and transport as well as the lockdown imposed across the country to contain the COVID-19 pandemic.

Though the Government earlier either evacuated or facilitated the return of nearly 28000 Indians from a number of foreign countries affected by the COVID-19 pandemic, it almost stopped doing so after the ban on arrival of international passenger aircraft was enforced on March 23 in the wake of the spurt in the number of COVID-19 cases in India.

Thousands of Indian students, tourists, professionals and others are stranded around the world, including in the countries, where respective governments had imposed lockdowns to contain the pandemic. They have been desperately requesting the government on social media to evacuate them.

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News Network
February 18,2020

Mangaluru, Feb 18: Notorious serial killer 'Cyanide' Mohan has been sentenced to life imprisonment by a court here for the murder of a 23-year old woman from Kasaragod district of Kerala in 2006.

That was the 19th of the 20 murder cases slapped against him.

Sixth additional district and sessions court judge Sayeedunnisa  said the life sentence will commence after he serves the sentence of imprisonment in the other cases.

Cyanide Mohan had 20 murder cases registered against him. He is accused of killed several women using cyanide after befriending and raping them.

He has been awarded the death sentence in five cases and life imprisonment in three. Two of the death penalties were later commuted to life imprisonment.

According to the charge sheet in the latest case, Mohan met the woman while she was going to work at a unit of CAMPCO here. After befriending and offering to marry her, on January 3 in 2006, he took her to Mysuru and stayed in a lodge near the bus stand.

Like in all other cases, the next morning, Mohan asked the woman to remove her ornaments. The two went to the KSRTC bus stand where he asked her to consume a pill convincing her that it was a contraceptive. However, it was laced with cyanide.

The woman, who consumed the pill in the washroom, collapsed and was declared brought dead at a hospital.

As in previous cases, Mohan went back to the lodge and left the place along with her ornaments.

He was arrested later from Bantwal in 2009, after which he admitted to killing 20 women.

The judge directed the District Legal Service Authority to take steps to award compensation to the woman's mother under the Karnataka victim compensation scheme.

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News Network
January 15,2020

Bengaluru, Jan 15: The on-going process to select a new Karnataka Pradesh Congress Committee (KPCC) president is likely to drag on for few more days with former CM and opposition leader Siddaramaiah making a strong pitch for former minister MB Patil over DK Shivakumar for the post.

Siddaramaiah, who met AICC president Sonia Gandhi and other senior Congress leaders in New Delhi on Tuesday, reportedly argued in favour of Patil, saying his elevation would help the party win Lingayats to the fold.

“Yediyurappa, the undisputed leader of the Lingayat community, is almost at the end of his career and it is an opportunity for the Congress to gain the confidence of the community. Being a leader from North Karnataka, Patil fits the bill perfectly,” Siddaramaiah reportedly told Sonia.

Siddaramaiah is said to be backing Patil over Shivakumar as he is worried about losing his hold over the state unit, given Shivakumar’s popularity. While Sonia did give the former CM a patient hearing, she is said to have told him that he should obey and cooperate with whatever decision high command takes.

The high command is looking to evolve consensus on the new state president. “Sonia’s meeting with Siddaramaiah is part of this exercise. She wants to keep everybody in the loop,” said a functionary.

Siddaramaiah also met senior leaders Ahmed Patel and AK Anthony. He is expected to meet former AICC president Rahul Gandhi on Wednesday.

However, some including Mallikarjun Kharge and Shamanur Shivashankarappa have expressed reservations against Patil’s elevation, pointing to his role in the controversial separate Lingayat religion issue which dented the Congress’ prospects in the 2018 assembly polls.

“He has a very bad name among Lingayats and making him president would prove counter-productive. Moreover, it is difficult to win back Lingayats as long as Yediyurappa is active in politics,” said a senior Congress leader.

Another functionary said a majority of state functionaries — and even some in the high command — favour Shivakumar as he is not only “resourceful”, but also has momentum. “With HD Deve Gowda and HD Kumaraswamy losing popularity among Vokkaligas, the possibility of the community backing Shivakumar is high. This may land him the top job,” the functionary said.

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