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.

ami

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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 8,2020

Bengaluru, Jan 8: Accusing the BJP of running a "fake news factory" at full potential, former chief minister Siddaramaiah on Tuesday said according to reports only Rs 669 crore of additional flood relief funds are being released by the Centre for the state as opposed to the ruling party's claim of Rs 1,869.85 crore.

Reacting to his attack, the State BJP unit, without clarifying on the actuals of the amount being released, said it believed in speaking the truth and not spreading lies.

Siddaramaiah, leader of the opposition in the state assembly, tweeted: "Reports from State govt officials tells that only Rs 669 crore of addl funds (sic) are released in 2nd instalment as opposed to the claim of Rs 1870 Cr by @BJP4Karnataka leaders. At a time when manufacturing industries are closing, BJP's fake news factory is running at full potential!!"

Calling BJP leaders "devotees of the God of lies," he said in another tweet that Prime Minister Narendra Modi released an additional Rs 669.85 crore moved by Chief Minister B S Yeddyurappa's plea, taking the total amount to Rs 1,869.85 crore. He said it was funny that they were attempting to depict the total relief amount as 1200+1869.85 equalling to Rs 3,069.85 crore.

Siddaramiahs tweet was in response to Karnataka BJPs tweet last night claiming that the High-Level Committee (HLC) Chaired by Union Home Minister Amit Shah has approved the release of Rs 1869.85 crore as central assistance to the state towards flood relief. This was in addition to Rs 1200 crore already released by the Centre in October 2019, the BJP unit had said.

On Monday, the HLC had approved additional central assistance to seven states affected by floods last year, from National Disaster Response Fund (NDRF), including Karnataka.

While a PIB release states that Rs 1869.85 crore was approved for Karnataka, according to sources in the state government the figure was inclusive of Rs 1,200 crore released in October. Earlier in the day, Chief Minister B S Yediyurappa while expressing confidence that more funds will be released in later stages, maintained that Rs 1869 crore has been released in addition to Rs 1,200 crore earlier, and thanked Prime Minister Narendra Modi.

"...funds will never be enough, they (central government) will release in stages, they have released such big amount- earlier Rs 1200 crore, now again Rs 1869 crore- I thank Prime Minister Narendra Modi for it," he told reporters here.

Revenue Minister R Ashoka said the state government will press for more funds in the days to come, and the state government will fulfil promises made to those hit by floods.

Karnataka faced two spells of unprecedented rains and floods last year, resulting in widespread damage to life and property, following which the state government had submitted a report to the centre claiming loss was to the tune of about Rs 38,000 crore.

Reacting to Siddaramaiah's attack of "fake news factory" against it, the state BJP tweeted "Ayyo @siddaramaiah Avare, We surrender to You as we are incapable of running Fake News Factory like You or @INCIndia.

We believe in speaking the Truth like Gandhiji, not spreading lies like Goebbels. Kannadigas still remember the "Lies Bhagya (a scheme)" you gave them as CM from 2013-18."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 11,2020

Bengaluru, May 11: Janata Dal (Secular) leader HD Kumaraswamy on Monday asked Chief Minister BS Yediyurappa to urge PM Narendra Modi to give a 'COVID Package' to Karnataka.

In a series of tweets, Kumaraswamy said that Yediyurappa should raise the demand during the course of the meeting scheduled to be held today with the PM, which will also be attended by Chief Ministers of other states.

"Prime Minister Narendra Modi will hold talks with CMs from different states on coronavirus control and lockdown today. The state's CM BS Yediyurappa will also be in it. At this meeting, BSY should urge Modi to offer a 'COVID Package' to the state," Kumaraswamy's tweet, roughly translated in English from Kannada, read.

In subsequent tweets, the JDS leader said that, "The central government has set up a PM Cares Fund for the fight against Corona. As MPs, entrepreneurs and citizens have made generous donations. BSY must convince Modi that the state has not received adequate financial support from the Center so far."

He further said that the package could be utilised for "medical procedures", "financial compensation for the affected people."

Kumaraswamy also said that "In addition to the 'COVID Package', other dues from the Center, including GST dues, flood relief, etc should also be asked for by BS Yediyurappa at the meeting with Modi."

PM Narendra Modi will hold a meeting, through video conference, with state Chief Ministers on Monday at 3 pm to discuss the prevailing COVID-19 situation in the country.

The Prime Minister had earlier interacted with Chief Ministers four times over the COVID-19 situation via video conferencing.

The upcoming interaction comes days ahead of the scheduled ending of the nationwide lockdown.

The ongoing lockdown, which was imposed to contain the spread of coronavirus, is scheduled to end on May 17.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 22,2020

Bengaluru,  Jul 22: Karnataka Congress president DK Shivakumar on Tuesday said that the state government should give details of the amount it spent on migrants and labourers during the coronavirus crisis if it is transparent.

"The image of Karnataka has come to a very rotten position. We all know that Karnataka has failed in sorting out the problem. Let them (the state government) tell what has been the amount spent on the labour, migrants, food kits on the health department. We want an account (of the expenditure) if they are so transparent," Shivakumar said.

He said that the state government should have approached the hospitals for treating COVID-19 patients and if any hospital refused, a message should have been given that the government would take it over.

He also accused the state government of corruption.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.