Massive tax evasion: Amitabh, Aishwarya among 500 Indians with hidden assets

executive@coastaldigest.com (Agencies)
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
June 7,2020

Mangaluru, Jun 7: The Sri Krishna temple at Udupi would not re-open on June 8 although permission has been given to all temples to allow devotees for darshan, Admaru mutt junior seer Paryaya Swami Ishapriya Teertha said on Saturday. He told reporters in Udupi that the mutt has decided not to allow devotees at present to join the fight against COVID-19 by the government, health department and the police.

The seer said the situation would be assessed in the next 20-30 days after which a decision to re-open the place of worship would be taken.

The health of the devotees and the staff at the mutt and temple would have to be protected.

However, pujas and rituals would continue to be held at the temple, he said.

Meanwhile, Dharmasthala dharmadhikari D Veerendra Heggade said in a press release that the Lord Manjunatheshwara temple in Dharmasthala in Dakshina Kannada district would open for devotees from June 8. He said 800-1,000 devotees would be allowed to have darshan at the temple every day, keeping with the regulations of the government.

Mass-feeding (annadhanam) in the Annapoorna hall would also be organised, maintaining social distance in view of the virus spread.

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News Network
March 2,2020

Bengaluru, Feb 2: The monthlong budget session beginning on Monday, which will mark BS Yediyurappa’s maiden budget in his fourth term as chief minister, is expected to be a fiery one.

The opposition JD(S) and Congress have already threatened to stall proceeding until BJP legislator Basangouda Patil Yatnal apologises for his controversial remarks against freedom fighter and centenarian HS Doreswamy. Yatnal had called him a fake and a Pakistani agent.

Disruptions are also likely to pose a threat to speaker Vishweshwar Hegde Kageri’s novel idea of having a two-day discussion on the Constitution of India to commemorate 70 years of the country’s Independence.

Both opposition parties have scheduled legislature party meetings early on Monday and they could coordinate on issues on the floor of the house to put the BJP — especially Yediyurappa — on the backfoot.

Yatnal is not known as a “hardliner”, but his attack on Doreswamy has garnered support from several ministers including CT Ravi, KS Eshwarappa and V Somanna. Yediyurappa may have a hard time defending his party’s line.

The BJP is yet to schedule its legislature party meeting, but MLAs suggest the party will allow the issue to be raised and debated in the legislature. “Both have expressed their point of view. Let there be a discussion on the matter, but not allowing the house to function will only be a waste of the state’s time and money,” said deputy chief minister CN Ashwath Narayan.

Besides the Doreswamy issue, Yediyurappa will also deliver his reply — postponed from February 20 — to the debate on the governor’s address. The issue of student Amulya Leona Narona’s arrest on a charge of sedition, the Bidar sedition case involving a parent of a school student, pro-Pakistan writings on walls in places in north Karnataka, introduction of NPR and the anti-CAA stir is also likely to feature during the lengthy session.

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News Network
May 8,2020

New Delhi, May 8: After deadly styrene gas leak in Visakhapatnam, Union Chemicals and Fertilisers Minister D V Sadananda Gowda urged all public and private chemical makers to exercise caution and care while reopening their plants.

Union Environment Ministry and State Pollution Control Boards have also issued separate directives to all companies to take extreme precaution while restarting their units that remained suspended due to the lockdown imposed to contain the spread of COVID-19 in the country, he said.

There was a gas leak from LG Polymers plant at Visakhapatnam in the early hours on Thursday, causing 10 deaths and hundreds of people getting hospitalised.

"LG Polymers does not come under direct control of our ministry. However, we have asked all public and private chemicals manufacturers to exercise caution and care while reopening their plants," Gowda told PTI.

The minister said his officers are coordinating with the Andhra Pradesh government.

He further said LG Polymers, a multinational chemical company, had kept its unit ready for reopening after one and half month of lockdown. The unit started leaking at around 3.40 am on Thursday due to pressure.

"The toxic gas leak has affected both people and animals. Around 850 people have been hospitalised," Gowda said, adding that measures have been taken to control the situation at the plant site and final updates are awaited.

At present, Indian chemicals market size is about USD 163 billion, which is only three per cent of the global chemical industry of USD 5 trillion, as per the official data.

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