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
January 22,2020

Mangaluru, Jan 22: Mangaluru Commissioner of Police PS Harsha said that Aditya Rao, who surrendered before Bengaluru Police after planting an improvised explosive device (IED) at the Mangaluru International Airport, is now in their custody.

"Our Investigation team arrested Aditya Rao in Bengaluru in connection with planting of an explosive device at Mangaluru Airport on January 20. We produced the accused before Bengaluru first JMFC court and court issued transit warrant," said Harsha.

"We have brought him to Mangaluru from Bengaluru, now the accused is in our custody, our investigation team will interrogate him. We will investigate all aspects. He will be produced before Mangaluru 6th JMFC Court," he added.

Rao hails from Udupi and has engineering and MBA degrees.

According to the police, the IED was recovered from a bag at Mangaluru airport on January 20. It was later defused in an open field by the personnel of the bomb disposal squad.

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Agencies
March 6,2020

The rapid spread of COVID-19 across the globe has thrown movement of lakhs of travelers off gear. This has not only impacted pleasure trips of tourists but also business travel resulting in monetary losses worth millions.

In wake of numerous advisories against travel, the travel industry, particularly the aviation sector, has also get badly impacted. Not only traffic on their once popular routes have plummeted but several have to cancel flights to destinations in China and few other South and East Asian countries to prevent becoming carrier of the contagious virus.

According to MakeMyTrip flight bookings for Southeast Asian countries have been significantly impacted but sectors in But US and Europe are only seeing a marginal dip.

More than 95,000 people in 86 countries have been infected with the virus and more than 3,200 people have died. In India so far 31 persons have tested positive for the virus.

So the situation across the globe remains grim with only positives coming from China where fresh infections of COVID-19 has reduced. But does that make travel safer? And what if you still need to travel...are there enough flights available or whether the ticket you procured protects against any unforeseen cancellations?

Here is the situation as it exists :

International flights by domestic carriers:

*Air India and Indigo that run long haul flights have cancelled their flights to Hong Kong and Shanghai and the restrictions may well run into June

*SpicejJet has cancelled Delhi Hong Kong flights till March 28

*Vistara Airlines has cancelled around 54 flights to and from Bangkok and Singapore.

*GoAir suspends flight operations to Dammam, Saudi Arabia after an advisory issued by the Saudi government to not allow non-Saudi residents to enter. It has also suspended flights to Thailand

International flights by global airlines:

*Almost all major airlines operating out of India have suspended flights to China, Korea, Iran, Italy and some to Japan.

*European and American connections provide by airlines such as Lufthansa, KLM, United Airlines from India continues

*JAL is still operating its service to Japan from India

*United, Air Canada, JetBlue, Alaska, American Airlines, Delta, Brutus Airways have suspended flights to China and reduced operations in countries with high Coronavirus infections such as Italy

Domestic airlines:

There have been no restrictions on domestic travel, so far.

What advisories have been issued by authorities that can affect your travel plan :

*From March 9 midnight all air travellers having visited or arriving from Italy and South Korea will require to submit a certificate of having tested nagative from health authorities -designated lab in their countries for Coronavirus at the departure.

*India has also suspended most visas issued to nationals of Japan, South Korea, Italy, Iran and China, as well as suspending visas of any travellers who had been to those five countries since February.

*It has now been decided that all incoming international passengers must declare their travel history to health and immigrations officials at India's airports.

*Arrivals from DGCA list of 12 countries undergo thermal screening, passengers with high temperature taken to quantantine

*Screening to be carried out at 21 airports across the country

*Regular (sticker) visa/e-visa granted to nationals of People's Republic of China, issued on or before February 5, 2020 were suspended earlier. It shall remain in force.

*Those needing to travel to India under compelling circumstances may apply for fresh visa to the nearest Indian Embassy/Consulate," the advisory said.

*An advisory had also directed passengers arriving directly or indirectly from China, South Korea, Japan, Iran, Italy, Hong Kong, Macau, Vietnam, Malaysia, Indonesia, Nepal, Thailand, Singapore and Taiwan to undergo medical screening at the port of entry

Travel Insurance :

*All Indian carriers are offering full refund or bookings to alternate destinations for flights that were booked earlier but are getting cancelled due Coronavirus scare.

*GoAir stated that people have the option of availing a full refund or utilising the booking amount for any future travel with the airline.

*In a travel advisory, Emirates has stated that those wishing to travel to Saudi Arabia will have to contact the Emirates office or their travel agent for refunds.

*Others travellers having expensive insurance cover may get full refunds by the insurance companies if they have included everything under coverage.

*But a larger number of insurers do not provide travel insurance against any pandemics outright. Moreover, any travel plan made now may not get covered for can cancellations due to Coronavirus.

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News Network
January 20,2020

Mysuru, Jan 20: As the Karnataka state Congress is still awaiting the appointment of Karnataka Pradesh Congress Committee (KPCC) President, MLA Satish Jarkiholi has said that in order to balance the caste and regional equations, All India Congress Committee (AICC) was planning to create four working presidents posts for KPCC.

Talking to media personnel here on Sunday, Mr Jarkiholi, who is considered to be in the race for the post, said that a clear picture about the constitution of additional posts of the working president in the KPCC would emerge in a week.

He added that it has been delayed due to the Assembly elections in Delhi.

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