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 2,2020

Thrissur, Feb 2: The Kerala government on Saturday said the condition of the medical student, kept in an isolation ward in Thrissur after testing positive for the novel coronavirus is satisfactory and that three people have been arrested for spreading false information on social media about the disease.

The woman, who tested positive, is a student of Wuhan university and is undergoing treatment at the Thrissur Medical College Hospital.

"The health status of the student who tested positive for coronavirus remains satisfactory.

The hospital authorities have confirmed that the health condition of all symptomatic persons under isolation in hospitals are "stable", a bulletin said.

Health Minister K K Shailaja said Kerala has strengthened surveillance and control measures against the epidemic, which has been declared by WHO as a global emergency,

She told reporters here that three people have been arrested for spreading false information about those who had arrived in the state from coronavirusa affected countries and are under home surveillance.

Six others had forwarded the posts and the cyber cell was probing the matter, Shailaja said.

The minister had earlier warned that strong action would be taken against those putting out false news on the disease.

Police said Sabari was arrested on Friday and released on bail, while two others-- Shafi and Siraj were arrested on Saturday.

Two cases have been registered in two police stations in Thrissur in this connection, they said.

A medical bulletin said that till date, 1793 people who travelled from coronavirus affected countries have been identified and placed under surveillance.

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News Network
January 26,2020

Bengaluru, Jan 26: BJP state president Nalin Kumar Kateel has been served with a court notice asking him to personally appear before the special court for people’s representatives on February 24, in connection with a defamation suit filed by Congress MLA Rizwan Arshad.

Rizwan had lodged the defamation suit against Kateel and state BJP social media chief after the party, in a tweet during the 2019 Lok Sabha election, alleged Rizwan’s involvement in the manufacture of fake voter identity cards.

Apart from Kateel, head of the party’s social media unit has also been asked to appear in person at the above court on February 24.

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July 4,2020

Bengaluru: The Secondary School Leaving Certificate (SSLC) examinations in Karnataka concluded on Friday with an overall average of about 98 per cent attendance amid the coronavirus scare. Chief Minister B S Yediyurappa congratulated the lakhs of students who appeared for the crucial exercise braving the coronavirus pandemic situation.

An average of about 98 per cent of 8.5 lakh odd enrolled students took the exams which began on June 25, after the government stuck to its decision to go ahead with them despite rising coronavirus cases but laid down a string of safety measures, including face masks and maintaining distancing by seating only one student a bench.

Examinations for all main subjects had been completed and alternative subjects such as music would take place on Saturday, Education department officials said.

"I heartily congratulate students who faced the examination even during the coronavirus pandemic," Mr Yediyurappa tweeted.

Expressing happiness over the successful completion of the examination, he greeted state Primary and Secondary Education Minister S Suresh Kumar, officers and employees of education department, health department, police and transport personnel.

"The exam is a proof that anything can be made possible if all the government departments work in tandem," Mr Kumar tweeted.

Later addressing a press conference, he said on Friday 98.10 per cent attendance was recorded compared to 98.76 for the same paper last year.

"Credit goes to children. First day, parents were scared and students were sceptical and there was a big challenge before us. But the children appearing for the exam instilled confidence. They came with masks, sanitisers and were careful about maintaining social distancing. Our children have set an example for others to follow," Mr Kumar said.

Lauding the students, parents and the government staff who made the exam possible ignoring the virus scare, Medical Education Minister Dr K Sudhakar said Karnataka has set an example by successfully conducting the examination.

The Karnataka Secondary Education Examination Board, which conducted the examination, faced various challenges. While protecting students from coronavirus infection was the top priority, transportation, security and convincing the parents to allow their children to take up the exam were the other factors it encountered.

According to sources in the department, the education officers had directed authorities of all the schools to call the parents and students to make sure that they appear for the examinations.

The Central Board of Secondary Education (CBSE) and boards of various neighbouring states either gave general promotion or decided to give marks to the students based on their performance in the earlier tests conducted by the schools.

The exams were conducted at a time when there was a sudden spurt in coronavirus cases in Karnataka, especially Bengaluru. Expressing apprehension, former chief minister and JD(S) leader H D Kumaraswamy had appealed to the government to postpone the examination but the government went ahead with its decision.

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