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 9,2020

Bengaluru, Jul 9: The M Chinnaswamy cricket stadium and the Bengaluru Palace in Karnataka will be converted into a COVID-19 care centre, informed the Chief Minister's Office (CMO) on Thursday.

The Bangalore International Exhibition Centre was also recently converted into a COVID-19 care facility by the state government amid the rising number of COVID-19 cases.

R Ashoka, the state's COVID management in charge said, "People of Bangalore need not panic. All necessary equipment and preparation are being arranged by the state. We have over 600 ambulances ready to take care of COVID patients."

As per the data from the Union Ministry of Health and Family Welfare, Karnataka now has a total of 28,877 COVID-19 cases, including 16,531 active cases and 11,876 recoveries.

470 people have died of the infectious virus in the state so far.

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News Network
February 1,2020

Mangaluru, Feb 2: A video of a woman rescuing a dog from a well in Mangaluru has gone viral on social media. The dog fell inside the well accidentally and the woman rushed to the spot to rescue it. The two minute seven second video has been shared on Twitter by a user, Mauna, and has ever since been viewed over 15,000 times.

The woman climbed down the well as other people attached a rope to her body during the rescue mission. Another rope was then thrown to her and she tied it around the dog after which it was pulled outside. The woman, thereafter, climbed outside the well with much difficulty.

"Bless the lady who saved the Dog," the user captioned the post.

Watch the video here:

 

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News Network
April 16,2020

Bengaluru, Apr 16: The lockdown in the wake ofthe coronavirus pandemic has turned out to be a deeply painful story for the Kannada film industry.

Schedules have gone awry following the stay-at-home curbs and operators in Sandalwood, as the industry is popularly known as, say about 100 films under production are affected.

They include big budget movies- 'Raja Veera Madakari Nayaka', 'Kotigobba 3', 'Robert' and 'Yuvaratna.'

Noted producer Rockline Venkatesh told P T I that the loss to the industry is to the tune of hundreds of crores of rupees.

In addition, it's a challenge for producers to secure the content of their movies from "piracy and leak" during long periods of time before their release, Venkatesh, who is Secretary of Karnataka Cine Artistes' Association, said.

A leading distributor said even after the lockdown is lifted and situation returns to normalcy, it remains a big question if investment in film business will pay off at all.

"People don't have money. We will know the impact when things become normal. Questions many ask if people will return to cinema halls like the way they did before or they prefer to stay away from crowd."

Venkatesh, who had also produced Rajinikanth-starrer 'Lingaa' and co-produced 'Bajrangi Bhaijaan' with Salman Khan in the lead role, said it would take at least one to one-and- half years for the industry to be back on its legs.

"That too if the government does hand-holding but if the industry faces a bad hit in terms of income tax and GST and other taxation, 80-90 per cent of the industry will face closure," he said.

"It does not matter if the government does not help the industry but they should not trouble us with things like IT and GST," Venkatesh, who is also a distributor and artiste, said.

A top director said people's "behaviour" towards movies is crucial for the industry's health in the post lockdown scenario.

"With people likely to shy away from going to malls, cinema theatres because of large gatherings there, it's going to be a long road to recovery for us", an industry insider said.

Striking a philosophical tone, Venkatesh said all that people worry now is to save their life and keep good health, adding, amassing money and wealth is the last thing on their mind.

Producers Soorappa Babu and Umesh Banakar, who is also Vice-President of the Karnataka Film Chamber of Commerce, told P T I that the industry has taken a huge hit.

Banakar said the loss to the industry due to the lockdown is at least Rs 1,000 crore.

"The coronavirus has affected the entire world. We don't know what to do; we just have to wait," Soorappa Babu, producer of Kiccha Sudeep-starrer 'Kotigobba 3', said.

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