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 web desk
July 13,2020

Mangaluru, Jul 13: Air India Express flight brought around 170 passengers from Bahrain to Mangaluru under Vande Bharat Mission yesterday. 

This is the first VBM flight from Bahrain to Mangaluru. The flight took off from Bahrain at 10 am on Sunday and landed at Mangaluru International airport at 4.45 pm. 

Even though thousands of Indian expatriates from other gulf countries were brought to Mangaluru in past few weeks, no flight was arranged from Bahrain so far. Hence, several Mangalureans including senior citizens, women and patients were stranded in Bahrain for months together.

Local entrepreneur and president of Indian Overseas Congress (IOC) Mohammed Mansoor, who saw the plight of the hapless Indian expatriates in Bahrain had discussions with the Indian embassy in Bahrain and convinced it to arrange a special Air India Express flight under the Vande Bharat Mission. 

IOC, along with the cooperation of ‘KHK Heroes’ had arranged meal kits for passengers during their flight to Mangaluru. IOC had also contacted all the Mangaluru-based NRIs who wanted to fly back to India and made a list with the help of Indian embassy to avoid any untoward incidents.

IOC had also given details of hotels to be quarantined in Mangaluru and Udupi, names of nodal officers to be contacted and emergency telephone numbers. The passengers were given a warm farewell by the office bearers of IOC from Bahrain international airport.

The effort taken by Mohammed Mansoor, president of IOC is lauded by all. All the passengers who travelled by the flight have thanked IOC and its office bearers whole heartedly.

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coastaldigest.com news network
July 1,2020

Bengaluru, Jul 1: Eighteen private hospitals here have been slapped with a show-cause notice after a 52-year old patient with influenza-like illness symptoms died here on being allegedly denied admission by them citing "non- availability" of beds. 

Health Minister B Sriramulu on Wednesdy said refusal to provide treatment was not only inhuman but also illegal as he tagged a copy of the notice in a tweet. 

"Notice has been served to the hospitals taking cognisance of the (media) reports about the denial of admission to a patient in emergency. Denying medical assistance during emergency is not only inhuman but also illegal," he tweeted. According to a report, the son and nephew of the patient took him to the 18 hospitals on Saturday and Sunday but he was not admitted on the pretext of non-availability of beds or ventilators. 

The man died later. The Commissioner of Health and Family Welfare issued the show-cause notice to the top authorities of the hospitals under the Karnataka Private Medical Establishment (KPME) Act, 2007. 

"By denying admission to the patient, your hospitals have violated the provisions of the KPME Act. You are liable for legal action," the notice said, seeking replies within 24 hours as to why action should not be against the hospitals. 

This was a "clear violation" of providing medical assistance and admission necessitated under the agreed provision of the KPME registration. Private medical establishments cannot refuse or avoid treatment to patients suffering from COVID-19 or having symptoms, the common notice added. 

The incident comes in the backdop of repeated instructions by the government that hospitals cannot deny admission to the patients suffering from coronavirus or having symptoms.

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News Network
August 1,2020

Gadag, Aug 1: A woman in Gadag district of Karnataka mortgaged her 'mangalsutra' to buy a television set for her children following the Karnataka government's decision to continue the classes through TV amid the COVID-19 pandemic.

A resident of Radder Naganur village, Kasturi, who is also a mother of two, purchased a television set against her 'mangalsutra' for Rs 14,000. She bought the TV after her children's school teachers asked them to attend classes via the television set.

Kasturi said, "I can not send the children to the neighbours' house every day and it was necessary for them to study. We had no other option but to buy a TV set."

She said, "Both, my husband and I are daily wage workers and during coronavirus, we do not have work or money."

"I sold my 'mangalsutra' for Rs 20,000 and bought a TV for Rs 14,000," said Kasturi while happily adding, "Now, my kids can study at home itself."

Kasturi's daughter, Surekha said, "We did not have the TV for several months but now when we have it, we will study and get a bigger 'mangalsutra' for my mother."

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