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 16,2020

Bengaluru, Jul 16: Life is a journey that cannot be imagined without traveling but the prevailing COVID-19 situation has made the whole world come to a standstill.

This pandemic has not only limited the modes of transportation for people all across India but also forces them to look for safer, convenient, and comfortable travel options. Private charter services are thus seen as the best alternative.
This is the reason the demand for availing charter services has risen dramatically over the last couple of months and encouraged airlines to either start or expand their charter services business further.

Many airlines have revamped their business strategies keeping charter services in mind and entered into this optimist business segment recently.

Star Air, the aviation arm of Indian business conglomerate - Sanjay Ghodawat Group, has entered into the charter services business to fulfill private air travel requirements.

The group previously has an experience of over six years of running helicopter charter service operations successfully under Ghodawat Enterprises Pvt Ltd.

The airline, Star Air, with its world-class fleet of three Embraer ERJ-145 aircraft (50-seater), two helicopters - Airbus H130 (6-seater) and Airbus H135 (5-seater), has the capacity to fly one anywhere at any point in time as per one's convenience that too with great comfort, luxury and complete privacy.

Star Air is a known name in the Indian aviation industry that is recognized for its unmatched safety, comfort, and on-time performance records.

It was praised in the past for connecting the unconnected by commencing commercial flight services to many Tier-II and Tier-III cities in India that were not graced with airline services before.

And now, after gaining the trust of over 1,00,000 customers from all across India and serving countless prominent VIP's, it has launched its charter service business.

It holds a valid license for charter service business and operates as per the protocols defined by the DGCA. The company has a team of experienced pilots, technicians, and staff that assures one gets a best-in-class charter service with complete safety and without any hassles.

"We are delighted to expand our airline operations by opening this private charter services. Like our scheduled commercial airline services, we are offering a world-class charter service keeping your comfort, safety, and overall flying experience in mind, said Sanjay Ghodawat, Chairman - Star Air.

This company had started its operations in January 2019 to connect the unconnected by providing world-class flight services at an affordable cost.

Since then it is continuing on its endeavour and gaining immense trust nationwide. It provides services to many Indian cities like Bengaluru, Belagavi, Indore, Kalaburagi, Mumbai, Ahmedabad, and Ajmer (Kishangarh).

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News Network
February 28,2020

Suhaana shuddered with fear as she heard violent banging on her door on Sunday. The atmosphere was charged with communal tension after thousands of ruthless goons supporting contentious Citizens Amendment Act (CAA) launched a bloody onslaught against Muslims in the capital of India.

The family consists of Suhaana (name changed), her partially paralysed husband and two daughters. They are the only Muslim family in Madhuban mohalla of North Ghonda locality in north-east Delhi.

Hearts pounded louder than pounding of the door. Then the banging stopped and noises of men talking loudly came.

"I peeped out from a small window near the kitchen and saw our neighbours standing outside our entrance and arguing with 10-15 unknown people," Suhaana said.

It was the first day of the communal violence, worst in the decades, that fanned out to the entire north-east Delhi over the next three days and claimed at least 42 lives, left over 200 injured and properties worth crores destroyed. The death toll is feared to go up.

Later in the night Suhaana's family moved to one of their Hindu neighbour's house. There are about 30 Hindu households in the mohalla who kept vigil as the atmosphere deteriorated.

The next day, the violence escalated. The neighbours decided to shift Suhaana 's family to Gautampuri for their safety.

Suhaana recounted, "Our neighbours assured us that they are with us but as things were deteriorating, they said they wouldn't be able to protect us if a big mob of hundreds came. They advised us to move to the nearby Gautampuri locality and come back only after things become normal."

Rajkumar Bharadwaj brought the family to Gautampuri in the early hours on February 25.

Anil Gupta, 49, said, "It was tough to rescue them. We were asked by the rioters as to why we were saving the Muslims. But we had to, it is the people of my country who are suffering. It cannot be Hindus or Muslims."

Rajkumar Bharadwaj said, "Their youngest clung to me throughout. After I brought them here at Gautampuri, I felt good. Situation till then was not okay."

On Saturday, some semblance of normalcy returned to parts of north-east Delhi with some people opening their shops amid heavy police presence.

Meanwhile, the morbid sight outside GTB Hospital's mortuary, agonising groans in the hospital wards burnt down houses and shops remind Suhaana and others what they have been spared of.

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News Network
June 9,2020

Bengaluru, Jun 9: A 42-year-old founding director of an engineering consultancy firm lost Rs 65,000 to online fraudsters who posed as representatives of a mobile service provider and lured him with the offer of a fancy number recently.

Asif (name changed) received a text message on May 19, informing him that a platinum number, 9099999999, was available and interested people could dial a mobile number to avail it.

“Asif, who runs a mechanical, electrical, plumbing (MEP) engineering consultancy near Shivajinagar, decided to get the fancy mobile number. He called the number and the receiver said they would generate an invoice for his request. After a fake invoice for Rs 64,900 was generated, Asif paid the money through online transaction that day. Asif waited for two weeks for the SIM card with the fancy number to reach him,” an officer said.

East CEN Crime police registered a case of cheating under section 420 of IPC and sections under the Information Technology Act after Asif lodged a complaint on June 6.

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