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 15,2020

Bengaluru, Jul 15: With the state capital along with a few districts under lockdown to control the spread of Covid-19, Karnataka Home Minister Basavaraj Bommai on Wednesday said the measure was important to break the chain and people seem to have understood its importance.

Appealing for cooperation from the people, he asked them not to make it inevitable for police to use force in implementing the lockdown. "Traffic movement is less, there is a lockdown atmosphere everywhere, I feel that people have understood the importance... cooperation is required. I appeal to the people, if this lockdown has to be effective it has to be voluntary, only then we can control the rapid spread of coronavirus," Bommai said.

Speaking to reporters here, he said this lockdown is important, last time the infection was not up to this level. "This time areas that have a high number of infections- about five districts and Bengaluru city are going for lockdown. People have understood that this lockdown is to break the chain," he said. "Please don't make it inevitable for police to use force," he added.

Bengaluru urban and rural areas are under "complete lockdown" since last night at 8 pm and it will be effective till 5 am on July 22.

Following Bengaluru urban and rural, administrations in several districts like Dharwad, Dakshina Kannada, Kalaburagi (only in Urban areas), Bidar, Raichur (in Raichur city and Sindhanur) and Yadgir too have announced lockdown.

Noting that Police have taken all necessary strict measures to enforce lockdown in Bengaluru urban and rural districts by restricting the movement of vehicles and people, Bommai said barricades have been erected at various places and flyovers have been shut. People have been allowed to purchase vegetables and groceries till 12 noon, he said.

The government has warned of action in case of any violation of the lockdown rules. As of July 14 evening, cumulatively 44,077 Covid-19 positive cases have been confirmed in the state, which includes 842 deaths and 17,390 discharges. Bengaluru Urban district tops the list of positive cases, with a total of 20,969 infections.

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August 3,2020

Bengaluru, Aug 3: Karnataka Pradesh Congress Committee working president Satish Jarakiholi on Sunday said that as per the party sources, state chief minister BS Yediyurappa has got only six months' time and there are different teams working against Yediyurappa in their party.

The BJP high command has decided to bring down Yediyurappa, Jarakhioli said. He added, "Yediyurappa had asked BJP high command to appoint him Chief Minister for six months and due to corona, his period has been extended. But now their own party sources have revealed that he has got only another six months."

While addressing the issue of different statements by BJP leaders and ministership aspirants after five MLCs were nominated, Jarakiholi said "Yediyurappa followers are not actual followers. BJP high command has already decided to bring down Yediyurappa as per their own party sources."

While speaking to reporters in Bengaluru, he said there are teams formed in the names of deputy CMs and there are many who are working in their party against Yediyurappa.

He also said that it's up to their party what they think about Yediyurappa's tenure, whether they keep him as CM or remove him. Being in Opposition, now Congress is only working on strengthening the party, he said.

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coastaldigest.com news network
June 28,2020

Mandya, Jun 28: Prime Minister Narendra Modi praised an 83-year-old farmer from Malavalli taluk in Mandya district of Karnataka for his efforts in water conservation.

While urging the people to focus on saving water, Modi, in his 'Man Ki Baat' on All India Radio quoted Kamegowda from Dasna Doddi village who single handedly dug small 16 ponds over the years in his farm land and in nearby hill while taking his animals for grazing.

"Kamegowda ji is an ordinary farmer, albeit possessing an extraordinary personality. He has achieved a personal feat that will leave anyone awestruck! Kamegowda ji, aged 80-85 takes out his animals for grazing but at the same time he has taken it upon himself to build new ponds in his area", the PM said in his Mann Ki Baat, a monthly radio address on Sunday.

To overcome problems of water scarcity in the area, Gowda started building small ponds. Thereby, he contributed a lot for water conservation, the PM said.

"... An octagenerarian like Kamegowda ji, till now, has dug 16 ponds through his hard work and the sweat of his brow. It is possible that the ponds he has constructed may not be very big but then his efforts are huge. Today, the entire area has got a new lease of life on account of these ponds," the PM said.

A little effort by us helps nature and environment quite significantly. Many of our countrymen are putting extraordinary efforts in this endeavour, the PM said. 

Kamegowda, used to take his sheep and goats to nearby hill for grazing. After finding no water to sheeps, he started digging ponds to address water scarcity. With collection of rain water, these lakes are brimming with water even during peak summer.

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