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
May 6,2020

Dubai, May 6: The Indian nationals cleared by the UAE health authorities and found to be asymptomatic will only be allowed to fly back home in one of India's biggest ever repatriation exercises, the Indian Embassy in Abu Dhabi has said ahead of the first set of flights on Thursday.

On Monday, the Indian government announced plans to begin a phased repatriation of its citizens stranded abroad from May 7. Air India will operate 64 flights from May 7 to May 13 to bring back around 15,000 Indian nationals stranded abroad amid the COVID-19-induced lockdown, India's Civil Aviation Minister Hardeep Singh Puri said on Tuesday.

The first two special flights that will operate from Thursday to evacuate Indians stranded in the UAE due to the coronavirus pandemic will begin with applicants from Kerala, who formed the majority of the expatriates who have registered to be repatriated from here, Indian Ambassador to the UAE Pavan Kapoor has said.

"All departing passengers will have to undergo medical screening and IGM/IGG test at the departure airport and only those cleared by the UAE health authorities and found to be asymptomatic will be allowed to board the plane,” the Indian Embassy in Abu Dhabi said on Tuesday.

According to the embassy, all passengers will be required to sign an undertaking to undergo compulsory quarantine at the destination of arrival and bear the cost of the same.

“Each passenger, at the time of boarding would be handed over a safety kit containing 2 three-layered face masks, 2 pairs of gloves and pouches/small bottles of hand sanitizers. While on board the flight, the health protocol of the Ministry of Civil Aviation of India will be strictly followed,” said the embassy.

The passenger lists for the two flights on May 7 have been finalised by the Embassy / Consulate and sent to Air India Express for issue of tickets.

The Embassy / Consulate will continue conveying the details of further special flights as and when they are announced by the Government of India, over the next few days.

Less than 2,000 Indians wishing to return home from the UAE will be flown to six Indian states in the first week of India’s biggest ever repatriation exercise named Vande Bharat Mission—sans social distancing and COVID-19 tests, the Gulf News reported.

Only those cleared by the UAE health authorities and found to be asymptomatic will be allowed to board the plane.

The short-listed applicants, who were contacted by the Indian missions on Tuesday to purchase tickets for the first two flights to Kerala on Thursday, told the Gulf News that the tickets are priced around Dh 725 to Dh 750 (over Rs 15,000).

Sharjah resident Rasheed Thayyil said his 70-year-old mother Nepheeza Thottungal, who came on a visit to the UAE in February, received an email from the Indian Consulate in Dubai which quoted an airfare of around Dh725 (approx Rs 15,000), the report said.

Another applicant from Abu Dhabi Ambily Babu said she purchased a ticket at Dh 750 from Air India Express for her Abu Dhabi-Kochi flight scheduled to fly on Thursday evening, it said.

Air India Express which is set to operate the first two flights to Kerala on Thursday will operate its Boeing 737-800 aircraft, with a seating capacity of 186 economy class seats, the report added.

With nine seats reserved for isolation, only 177 passengers would be flown, it said.

The Indian expatriate community of approximately 3.42 million is reportedly the largest ethnic community in the UAE constituting roughly about 30 per cent of the country's population, according to information available on the Indian Embassy website.

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News Network
July 19,2020

Mangaluru, Jul 19: Palakkad Division of Southern Railway that has jurisdiction over Mangaluru Railway region has established a business development unit (BDU) to cater to the transportation of various sectors, including non-bulk goods traffic, namely, white goods, finished products, manufactured products, agricultural produce and raw material.

In a statement issued here on Sunday said that the BDU’s mandate was to facilitate seamless interaction between the Railways on the one hand and industry, trade representatives and rail freight customers on the other at appropriate zonal or divisional levels. The unit was also expected to help expeditious clearance of their proposals for freight movement.

Palakkad Divisional Railway Manager Pratap Singh Shami established the BDU in line with the similar unit at the zonal level with other divisions of SR too setting up similar units. Palakkad BDU would work under the supervision of Additional DRM-II CT Sakkeer Hussain while Senior Divisional Operations Manager PL Ashok Kumar was its convener with Senior Divisional Commercial Manager Jerin G Anand, Senior Divisional Mechanical Engineer KV Sundaresan and Senior Divisional Finance Manager AP Sivachandrar were its members.

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News Network
January 30,2020

Udupi, Jan 30: Fishermen in Udupi’s Malpe have netted ‘spanner crab’, a rare variety of deep sea crab, mostly found in Australia and Hawaiian coast.

Hundreds of onlookers were surprised to the see the catch when it was brought to Malpe harbour by the fisherman Prashanth Kunder and others on Tuesday evening.

Dr Shivakumar Haragi, Assistant Professor at Karnatak University, PG Centre Department of Marine Biology, Karwar identified this crab variety as ‘spanner crab’ and the scientific name of this crab is Ranina Ranina.

Ranina Ranina is mainly nocturnal as it remains active during night and is found buried in sand during the day .It is easily distinguished from other crab species in its habitat due to its red carapace and elongated midsection.

Resembling a frog in its shape, this crab species is found mainly in Africa, Hawaiian coast and also in the Great Barrier Reef, located in the Coral Sea, off the coast of Queensland, Australia. Its lifetime is seven to nine years and each crab weighs around 400-900 grams.

Prashanth Kunder and his associates have also netted a rare fish variety called yellow-edged lyretail. Another unique variety fish netted by Prashanth is epinephelus flavocaeruleus.

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