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
March 6,2020

Bengaluru, Mar 6: At least 13 persons, including women and children, were killed and five critically wounded when an SUV collided with a car that had crashed against a road divider moments ago near Kunigal in Tumakuru district of Karnataka in the early hours of Friday, police said.

Of the victims, while 12 died on the spot, a child breathed his last in a hospital, they added.

The injured were admitted to the hospital, the police said.

Among the dead, 10 were from Tamil Nadu and three from Bengaluru. All of them were pilgrims who were on their way to Dharmasthala in Karnataka.

There were five women and two children among the dead, the police said.

"Thirteen persons have died. The incident occurred post midnight. A car crashed against the road divider and another car collided with it," Tumakuru Superintendent of Police (SP) K Vamsi Krishna said.

The police had to struggle to pull the bodies out from the mangled vehicles.

On learning about the incident, relatives of the victims rushed to the spot.

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News Network
May 28,2020

Mangaluru, May 28: A pregnant woman who returned from Dubai in a repatriation flight suffered miscarriage after she was allegedly denied entry to her apartment flat and also refused proper treatment in the institutional quarantine.

Fathima was put in a paid quarantine facility after she returned on May 12 flight for her first delivery.

On the second day of her return, she tested negative for Covid-19 in the first test. As per SOP (Standard operating procedures) for pregnant women, she was ready to shift to her apartment, Shivdeep Residency, located at Shivbhag in the city for home quarantine.

However, the members of the Resident Welfare Association of the apartment who got a whiff of her arrival, called an emergency meeting the previous night and reportedly informed the pregnant woman that her entry to the flat would put other residents in trouble and suggested that she stay away.

Sources said the RWA consists of some serving and retired police officials.

With no other go, the woman continued in the paid quarantine.

Treatment for a pregnant woman?

Fathima's father-in-law Azeez Bastikar said the doctors who attended her during the quarantine did not provide proper healthcare required for a pregnant woman and also refused to touch her, out of fear.

Many a time, they did not even check her BP, saying that they ‘forgot to bring the kit’. When her situation worsened, the family members contacted several hospitals in the city but all of them allegedly refused to admit her, fearing the sealing down of the hospital in case she tests positive on the 14th day COVID test.

Finally, the six and half months pregnant woman was shifted to a clinic on Wednesday after her 14th day test had turned negative.

The doctors who checked her found out that she had suffered a miscarriage and operated on her to remove the stillborn. The doctors said further delay would have costed the woman her life.

Meanwhile, on Thursday, Azeez Bastikar approached Deputy Commissioner Sindhu B Rupesh, seeking action against the doctors and hospitals who denied treatment and the RWA who refused her entry to the apartment.

Stating that the ill-treatment meted out to her daughter-in-law by doctors and others added to her trauma resulting in the miscarriage, he appealed to the authorities to ensure that no one else is treated in a similar manner.

He said that Fathima and her husband live in Dubai and that she came to India for a safe delivery as the situation was critical in Dubai.

The paid quarantine facility where she had to continue after RWA denied her access, charged her Rs 60,000 for her stay.

Meanwhile, the MCC commissioner Ajith Kumar Hegde on Thursday issued a notice to Shivdeep Apartment for refusing Fathima's entry.

The apartment has to respond within three days, failing which legal action will be initiated against it.

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News Network
June 25,2020

Bengaluru, Jun 25: Karnataka Chief Minister BS Yediyurappa on Thursday asked people to cooperate by following the measures put in place for the control of COVID-19 if they don't want another lockdown or sealing in Bengaluru.

Amid talks about re-imposing lockdown in the city following the recent spike in cases, the Chief Minister said he will hold discussions on Thursday and Friday regarding the strict measures that need to be taken to control the virus.

"COVID pandemic is increasing, we are making all efforts and we have even sealed some areas. Today afternoon at Krishna (the CM's home office) I have called a meeting with Ministers and officials and will discuss the strict measures to be taken to control COVID," Mr Yediyurappa said.

Speaking to reporters, he said, "Tomorrow noon I have called a meeting of legislators of all political parties from Bengaluru and all Ministers from the city to discuss with them, seek their opinion and take stringent measures."

Citing an increase in cases, Health Minister B Sriramulu on Tuesday had said the government may have to think about imposing lockdown in the city if the situation continues.

Following this several Ministers in the state cabinet on Wednesday had said, any decision on re-imposing lockdown in the city will be taken only after consulting experts.

Some reports had even suggested that a decision on lockdown is likely at the cabinet meeting scheduled today.

The Chief Minister said there is no lockdown in the entire city, adding only in a few areas it has been imposed and would continue.

Concerned over the increase in COVID-19 cases in the city, Mr Yediyurappa on Monday had directed officials to implement lockdown measures strictly in certain clusters which have reported greater number of coronavirus infections.

The city's busy K R Market and Kalasipalya Market have been sealed for 15 days by the civic body Bruhat Bengaluru Mahanagara Palike (BBMP) as part of measures to check the spread of the deadly virus.

Stating that Bengaluru is a model for the whole country in COVID-19 management, Mr Yediyurappa on Thursday said, when you compare with other major cities, "we have not yet lost control."

A total of 1,678 cases of COVID-19 have been reported in the city till last evening.

This includes 78 deaths and 475 discharges.

The number of COVID-19 cases in the state which stood at 3,408 as of June 1 has crossed the 10,000 mark on Wednesday with the state capital topping the districts in the infection count.

Seeking public cooperation in controlling the spread of the virus, Yediyurappa said social distancing and other measures in place were not followed, there has been spread to slums and other places.

"If you don't want Bengaluru to be sealed once again please cooperate and maintain distance," he added.

Mr Yediyurappa also said, the government has taken all measures for the safe conduct of SSLC (class 10) exams from today, and students should come out and write exams for their bright future.

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