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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Agencies
April 19,2020

French Nobel prize winning scientist Luc Montagnier has sparked a fresh controversy by claiming that the SARS-CoV-2 virus came from a lab, and is the result of an attempt to manufacture a vaccine against the AIDS virus.

In an interview given to French CNews channel and during a podcast by Pourquoi Docteur, professor Montagnier who co-discovered HIV (Human Immunodeficiency Virus) claimed the presence of elements of HIV in the genome of the coronavirus and even elements of the "germ of malaria" are highly suspect, according to a report in Asia Times.

"The Wuhan city laboratory has specialized in these coronaviruses since the early 2000s. They have expertise in this area," he was quoted as saying.

The theory that Covid-19 virus originated in the lab is making rounds for quite some time.

US President Donald Trump last week acknowledged Fox News report that the novel coronavirus may have been accidentally leaked by an intern working at the Wuhan Institute of Virology in China.

The Fox News, in an exclusive report, based on unnamed sources has claimed that though the virus is a naturally occurring strain among bats and not a bioweapon, but it was being studied in Wuhan laboratory.

The initial transmission of the virus was bat-to-human, the news channel said, adding that the "patient zero" worked at the laboratory. The lab employee was accidentally infected before spreading the disease among the common people outside the lab in Wuhan city.

Professor Montagnier was awarded the 2008 Nobel Prize in Medicine for the identification of AIDS virus, with his colleague professor Franeoise Barre-Sinoussi.

His fresh claim on coronavirus, however, received criticism from scientists, including his colleagues.

"Just in case you don't know. Dr Montagnier has been rolling downhill incredibly fast in the last few years. From baselessly defending homeopathy to becoming an antivaxxer. Whatever he says, just don't believe him," tweeted Juan Carlos Gabaldon.

As per a recent Washington Post, two years ago, the US embassy officials in China raised concerns about the insufficient biosafety at the Chinese government's Wuhan Institute of Virology where deadly viruses and infectious diseases are studied.

Though the institute, located quite close to the Wuhan wet market, is China's first biosafety level IV lab, the US state department had warned in 2018 about "serious shortage of appropriately trained technicians and investigators needed to safely operate this high-containment laboratory".

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News Network
March 25,2020

Bengaluru, Mar 25: In what is suspected to be the second COVID-19 death in Karnataka, a 70-year-old woman from Gouribidanuru, who was under house quarantine for the last one week has died at Rajiv Gandhi Hospital for Chest Diseases.

The woman, who had recently returned from the Mecca pilgrimage developed fever on Tuesday afternoon. She was rushed to hospital, where she died on Wednesday morning.

Health and Family Welfare officials said that the throat swab sample of the woman had been sent to the laboratory for testing and the result was expected to come by afternoon.

Since last week, at least three cases of COVID-19 positive had been reported in Gouribidanuru in Chikkaballpura district, about 80 kms from Bengaluru.

Most of the suspects and confirmed cases had returned from Makkah pilgrimage. Even the deceased woman was one of them and had been advised house quarantine.

On Tuesday morning, she developed fever and was shifted to Gouribidanur hospital and later to Chikkaballapura hospital. By evening, she was moved to Rajiv Gandhi hospital, where she died on Wednesday morning.

The Chikkaballapura district administration has proclaimed prohibitory orders in the locality. They have also taken the woman's family members for testing.

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News Network
April 3,2020

Bengaluru, April 3: Former prime minister HD Deve Gowda has written to Kerala Chief Minister Pinarayi Vijayan stating that he has communicated in writing to Karnataka Chief Minister BS Yediyurappa to make arrangements for the passing of vehicles related to medical facilities and essential goods between Mangaluru and Kasargod.

"What made me write this letter is the pain and anguish I experienced when BM Farookhji, the national working president of JDS and K Krishnan Kutty, MLA and a member of your Cabinet and member of JDS, a coalition partner of your government brought to my notice the inhuman and inappropriate action on part of the authorities of Karnataka to block the interstate highway between Mangaluru and Kasargod, bringing the traffic movements between the two states and particularly to Kasargod district having a sizeable population of Kannadigas to a grinding halt," Gowda wrote in the letter.

"I immediately wrote a letter to Yeddiyurappaji, the Chief Minister of Karnataka to make arrangements to permit goods movement and the passage of ambulances and other vehicles for any emergency. But authorities of Karnataka government appears to be very adamant despite the assurance given before the High Court," it added.

Gowda said that the situation is very grim since he learnt that four to five patients died for want of medical facilities since the ambulances ferrying the patients were denied permission to cross the border, to avail treatment from the hospitals at Mangaluru.

He also condemned the Karnataka government for denying access to medical facilities to people in Kerala.

"I very strongly condemn the attitude of the BJP government in Karnataka denying access to people from Kerala to avail medical facilities on emergency and also the movement of essential goods for the survival of the people and deprivation of such emergency services amounts to violation of human rights and opposed to all norms of humanity and humanitarian considerations," the letter read.
Gowda said he will take up the issue with Prime Minister Narendra Modi.

"I take this opportunity to assure you that I will take up this issue with the Prime Minister who had assured while imposing 21 days of lockdown that the supply of essential commodities will be maintained and hospital facilities will be kept open round the clock so as to prevent any untoward incident," he stated.

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