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 16,2020

Bengaluru, Jul 16: Rattled by the spurt in Covid-19 positive cases, a Karnataka minister on Wednesday said only god would save the people from coronavirus pandemic.

"Only god has to save us from the virus or the people should be made aware of the infection so that they wear mask and maintain social distancing," state Health Minister B Sriramulu told reporters in Chitradurga, 205-km northwest of Bengaluru.

Noting that the infection does not differentiate between rich and poor, police, doctors, politicians or legislators, Sriramulu said the communicable disease could rise to alarming level in the ensuing two months, as the cases were rising daily the world over.

"Who can control coronavirus? In the present situation, only god has to save us. Otherwise, the people should become aware of its (virus) consequences. If we have made mistakes, we are ready to face punishment for them," said Sriramulu, who is the ruling BJP's legislator from the Molakalmuru reserved assembly segment in the district.

Refuting the opposition Congress charge that the cases were rising in the state due to negligence by ministers, officials and legislators, Sriramulu said Karnataka was performing better than other states till the cases began to steadily rise since unlock started and the people were moving in violation of the guidelines.

A record 3,176 cases were reported from across the southern state during the day, taking the Covid tally to a whopping 47,253, including 27,853 active cases after 18,466 were discharged, with 1,076 during the day, while 928 succumbed to the virus, with 87 in the last 24 hours.

In Bengaluru, which is under 9-day lockdown since Tuesday night till July 22 morning, 1,975 positive cases were registered, taking its tally to 22,944, including 17,051 active after 5,455 were discharged so far, with 463 during the day, while 437 died of the infection, with 60 in the last 24 hours.

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coastaldigest.com news network
February 14,2020

Bengaluru, Feb 14: In a major embarrassment to the police, the Karnataka High Court has termed as illegal the prohibitory orders imposed under Section 144 of CrPC by the City Police Commissioner in December 2019 in the light of the anti-Citizenship Amendment Act (CAA) protests in Bengaluru.

The orders were passed “without application of mind” and without following due procedures, the court noted. Giving reasons for upholding the arguments of the petitioners that there was no application of mind by the Police Commissioner (Bhaskar Rao) before imposing restrictions, a division bench of the High Court said he had not recorded the reasons, except reproducing the contents of letters addressed to him by the Deputy Commissioners of Police (DCPs). 

The state government had contended that prohibitory orders were passed based on reports submitted by the DCPs who expressed apprehension about anti-social elements creating law and order problems and damaging public property by taking advantage of the anti-CAA protests.  

The High Court bench said the Police Commissioner should have conducted inquiry as stated by the Supreme Court to check the reasons cited by the DCPs who submitted identical reports. Except for this, there were no facts laid out by the Police Commissioner, the court said.

“There is complete absence of reasons. If the order indicated that the Police Commissioner was satisfied by the apprehension of DCPs, it would have been another matter,” it said.  

“The apex court has held that it must record the reasons for imposition of restrictions and there has to be a formation of opinion by the district magistrate. Only then can  the extraordinary powers conferred on the district magistrate can be exercised. This procedure was not followed. Hence, exercise of power under Section 144 by the commissioner, as district magistrate, was not at all legal”, the bench said. 

“We hold that the order dated December 18, 2019 is illegal and cannot stand judicial scrutiny in terms of the apex court’s orders in the Ramlila Maidan case and Anuradha Bhasin case,” the HC bench said while upholding the arguments of Prof Ravivarma Kumar, who appeared for some of the petitioners.   

Partly allowing a batch of public interest petitions questioning the imposition of prohibitory orders and cancelling the permission granted for protesters in the city, the bench of Chief Justice Abhay Shreeniwas Oka and Justice Hemant Chandangoudar observed that, unfortunately, in the present case, there was no indication of application of mind in passing prohibitory orders.

The bench said the observation was confined to this order only and it cannot be applicable in general. If there is a similar situation (necessitating imposition of restrictions), the state is not helpless, the court said.

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coastaldigest.com news network
February 16,2020

Udupi, Feb 16: A man, who was trapped in 15-feet-deep hole following a landslide during borwell digging work at a remote area in the coastal district, was finally rescued after a prolonged effort today.

The man, identified as Rohit, suffered minor injuries in the incident.

The incident took place at Maravanthe village near Baindur in Udupi district.

Rohit was trapped when the land around borewell was being dug collapsed suddenly. It took around six hours for the rescue workers to rescue him.

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