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
January 1,2020

Bengaluru, Jan 1: Elaborate security arrangements have been made in view of Prime Minister Narendra Modi's two-day visit to Karnataka on January 2 and 3, officials said.

The Special Protection Group officials had a meeting with state government officials, especially the police regarding the security arrangements.

During his stay in Tumakuru, drones will not be allowed and anybody violating the direction will face stringent action, said a notification issued by Deputy Commissioner of the district Dr Rakesh Kumar.

According to the tour itinerary, the Prime Minister will reach Bengaluru on January 2 and fly to Tumakuru by a helicopter to visit Sri Siddaganga Math.

PM Modi will later take part in the Krishi Karman Awards function at the Junior College grounds where he will address a gathering and distribute fishing equipment, a government press release said.

The same evening he will return to Bengaluru to visit the Defence Research and Development Organisation. He will stay at the Raj Bhavan.

The next day, the Prime Minister will inaugurate the 107th Indian Science Congress at the Gandhi Krishi Vignana Kendra Campus at the University of Agricultural Sciences in Bengaluru, before flying to New Delhi in the afternoon.

To oversee the arrangements, Chief Minister BS Yediyurappa visited Tumakuru on Tuesday and held a meeting with officials.

Speaking to reporters later, Mr Yediyurappa said PM Modi will reach Siddaganga Math at 2.15 p.m where he will pay his obeisance to the seer there.

He will be in the town till 5.30 p.m on January 2, he added.

"Later, he will take part in the Krishi Karman and Krishi Samman Awards function which about 1.5 lakh people are likely to attend. He is going to give awards to 28 progressive farmers from 21 states," said the Chief Minister.

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News Network
July 5,2020

Bengaluru, Jul 5: In the midst of the Covid-19 pandemic and the fear of layoffs lurking everywhere, the state government is holding a first-of-its-kind virtual job fair on July 10, to help people find jobs commensurate with their skill sets.

Co-ordinated by the Karnataka Skill Development Corporation (KSDC), the job fair will see participation of more than 40 companies for about 6,000 job openings.

The government will connect companies with job seekers who have registered on the recently-launched Skill Connect portal or on the Kaushalya Karnataka’s portal for migrant workers from the state who have returned home.

A candidate can either directly apply to a company, or await the portal to match their skills with available jobs. There is also a self-evaluation section on the website which will suggest whether a candidate needs to further skill oneself or whether they are eligible for jobs with their current set of skills. 

Firms such as Life Insurance Corporation, Barbeque Nation and Arvind Mills are among the participants.

Comments

Sheela Anagolum
 - 
Friday, 10 Jul 2020

Looking to build literacy, numeracy and basic life skills for students in the ages of 14-19

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News Network
January 11,2020

Bengaluru, Jan 11: The Chief Justice of India Justice Sharad Arvind Bobde on Saturday inaugurated the phase-1 of the new building of the Karnataka Judicial Academy on Crescent Road in Bengaluru.

The new building has three floors, besides, the ground floor and two basement floors.

While Chief Minister B S Yediyurappa inaugurated the 319-seater multi-purpose auditorium, at which Chief Justice of the High Court of Karnataka Justice Abhay Shreeniwas Oka felicitated Justice Bobde.

Justice Ravi Malimath, President of the Karnataka Judicial Academy and Judge of the High Court of Karnataka, in his welcome address said that the academy has so far trained as many as 4000 judicial officers and striving for excellence in the field of judiciary.

The building, built in the first phase, has parking in the lower and the upper basement, which can accommodate 44 cars and 124 two-wheelers, the ground floor consists of a 319-seater multi-purpose air-conditioned auditorium, a lecture hall with 84 seats, two lecture halls with 40 seats each and a VIP lounge. The First Floor has a lecture hall with 84 seats, two lecture halls with 40 seats each, a VIP lounge, two discussion rooms and an administrative office for the staff of the academy.

The second phase, to be built has a parking facility for 36 four-wheelers and 22 two-wheelers in the lower basement and 32 four-wheelers and 30 two-wheelers in the upper basement.

The total cost of the project, including Phase-1 and Phase-2, to be executed by the Public Works Department in the sprawling 2.2 acres plot of the Karnataka Judicial Academy is around Rs 96.02 Crore.

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