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
February 24,2020

Hubli, Feb 24: Pro-Pakistan slogans were found written on the walls and doors of Higher Primary School in Budarsingi village here on Monday, said Raman Gouda Hatti, Deputy Superintendent of Police (DSP), DCRB, Dharwad.

"The headmaster of the school noticed the slogans written on the walls and doors by chalk and he informed us. We will investigate the matter based on the complaint," said DSP Hatti.

The slogans were written in the Kannada language. Those behind the incident have not been identified so far.

The villagers staged a protest demanding action against those behind the act.

Congress leader HK Patil condemned the incident and asked for culprits to be identified and punished soon.

"Anti-social elements are involved in these acts. The government has failed to identify these people and punish them. The culprits behind this act need to be identified and punished. This incident is unfortunate and the intelligence department should work to stop these kinds of incidents," said Patil.

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coastaldigest.com news network
May 22,2020

Mangaluru, May 22: Following requests from Kannadiga entrepreneurs in Kingdom of Saudi Arabia and persistant efforts of former deputy chairperson of the NRI Forum of Karnataka government Dr Arathi Krishna, the government of India has finally approved the repatriation of stranded Indian expatriate workers amidst prolonged covid-19 lockdown through chartered flights arranged by their employing companies particularly in Gulf region and elsewhere. 

The government has also issued a Standard Operation Protocol (SOP) to be followed to be followed by those who hire the flights. The government's nod will not only allow repatriation of larger number of citizens, who are on wait-lists, but also allows private airlines to get their aircraft, crew, and operational staff actively working again in preparation for resumption of scheduled flights. 

Zakaria Jokatte, CEO of Al-Muzain Est. and K S Sheik, Director of Operations at Expertise Contracting Co. Ltd - both Mangalurean entrepreneurs in Saudi Arabia - were among those who had sought permission to hire chartered flights for the immediate repatriation of their hundreds of employees. 

The NRI entrepreneurs in Gulf have thanked Dr Arathi Krishna for continuously persuading the authorities concerned to issue green signal for the operation of chartered flight at a time when there were only a few scheduled flights under Vande Bharat Mission. 

Welcoming the move Dr Arathi Krishna told coastaldigst.com that Indians stranded in any foreign country can utilize this facility. "Initially, I was approached by Mr Zakaria and Mr Sheik who wanted chartered flights to help their employees fly back to India. I asked them to write to the Indian Ambassador in Saudi Araia Mr Ausaf Sayeed. Then I requested the ambassador to forward the request to Joint Secretary Dr Nagendra Prasad, who is in charge of gulf division in the Ministry of External Affairs, and then to Secretary on charge of Gulf and then I requested Secretary of Economic Relations Mr T S Tirumurti who was also in charge of Gulf to follow this up," she said. 

"There were similar requests for chartered flights from African countries too. Then I persisted officers constantly to take it up to the Foreign Secretary Harsh Vardhan Shringla and Civil Aviation Minister Hardeep Singh Puri and now all the people requesting this from Saudi Arabia have got confirmation from the ministry and communicated by embassy to those who had requested for the chartered flights," she said.

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News Network
July 9,2020

Bengaluru, Jul 9: The State Education Minister of Karnataka clarifies that 2nd PUC result 2020 to be declared around July 20. The Minister’s tweet signals that Karnataka Second Pre- University examinations result is not releasing today, and likely to be declared around July 20, 2020.

Taking on his tweeter account Karnataka Education Minister S Suresh Kumar on Thursday informed that the 2nd PUC results (Class 12th) would not be declared on Thursday, that is on July 9 and would be available around 20th July. Earlier students presuming the result on Thursday had been started asking Education Minister whether Karnataka 2nd PUC Results would be announced today or not.

Addressing the students quarries, on Thursday Education Minister S Suresh Kumar took to his tweeter account and tweeted, “2nd PUC results are not announcing today, the results would be released around July 20, 2020”, or the second last week of July. Education Minister took to his twitter account to console the students, he tweeted “Many students are calling me to know whether Second PUC results will be announced Today. I once again inform all that Second PUC results will come out around 20th July.

Earlier, the education minister informed that Karnataka Secondary School Leaving Certificate Exam, SSLC Results 2020 would release most likely by August first week and Second Pre-University (2nd PUC) Results 2020 would be declared by last week of July.

Karnataka earlier decided to hold the Board exams in spite of the opposition faced due to health risks over Corona Virus. The remaining SSLC & 2nd PUC examinations in Karnataka took place with the strict precautionary measures. The Education Minister himself carried out the inspection of many exam centres during the exams, a report said.

Evaluating the answer copies of exams, now results are to be declared in the month of July and August 2020. To get the result updates students are advised to keep visiting the official website of Department of Pre-University Education, Karnataka.

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