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 11,2020

Bengaluru, Jul 11: The Bharatiya Janata Party led government of Karnataka is planning to ban cow slaughter as well as the sale and consumption of beef in the state by bringing Prevention of Cow Slaughter and Preservation Bill, 2012.

"Many states have passed the Anti-Cow Slaughter Bill. We are preparing to implement it in Karnataka as well. The state government will soon implement a ban on cow slaughter, sale and consumption of beef on the lines of many other states," said Prabhu Chauhan, the state's Animal Husbandry Minister.

The Anti-Cow Slaughter Act is already in place in several states like Gujarat, Delhi, Haryana, Maharashtra, Madhya Pradesh among others.

Last month, the Yogi Adityanath-led Uttar Pradesh government passed a draft ordinance to prevent cow slaughter, providing maximum rigorous imprisonment of 10 years and a fine up to Rs 5 lakh.
The Uttar Pradesh Cabinet Cow Slaughter Prevention (Amendment) Ordinance, 2020 aims at making the existing Uttar Pradesh Prevention of Cow Slaughter Act, 1955 more effective towards cow safety.

In Karnataka, the BJP-led government had promised to ban cow slaughter in its manifesto for 2018 state assembly election.

"The government will form a team of experts to look into once the current pandemic situation eases," Chauhan stated, adding that if necessary, the team of experts will visit states like Uttar Pradesh, Gujarat.

The then BS Yediyurappa-led BJP government had passed the Karnataka Prevention of Cow Slaughter and Protection Bill in 2010 but it failed to get presidential approval. Three years later, the Bill was withdrawn by the Siddaramaiah-led Congress government.

"I will discuss this matter with Chief Minister and if this pandemic situation eases, by next session, if not by upcoming assembly session, we will try to bring Karnataka Prevention of Slaughter and Preservation of Cattle Bill," Chauhan added.

Comments

Go-pitha maha
 - 
Sunday, 12 Jul 2020

now india is ruled by most unfit people in the world...

one yogi become CM after dumping his family, another became PM after dumping his family and mother, now they teach that COW is mother and need protection...

the main point is here is the business, they know very well muslims make profit in meat business and now they want to steal from them...gomata, protection all these are bullshit...only gobar bakth will belive...

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News Network
January 7,2020

Bengaluru, Jan 7: Slogans of ‘Inquilab Zindabad’ rent the air at Town Hall on Monday evening as thousands of students, social activists, lawyers, doctors and theatrepersons among others staged a protest to denounce Sunday’s attack on the students and faculty of New Delhi’s Jawaharlal Nehru University (JNU).

“This is unacceptable. As students living in hostels, we are now worried about our safety,” said Prakruthi Kishore, a student of National Law School of India University (NLSIU), Bengaluru.

Rishi Kumar, a student of Indian Institute of Science, pitched in. “JNU is an extremely protected university located in the national capital. It’s surprising that such an incident occurred amid tight security.”

Delhi police and the government need to wake up and take stringent action against the goons, Kumar said, adding: “Students can’t be treated like puppets. The government needs to act immediately.”

“The government is behaving shamelessly by sending goons to threaten students and professors of JNU,” said Alokanath Pandit, a lawyer.

With “Zor se bolo-azadi, tum din me maaro-azadi, hum raat me ayenge-azadi,” drowning the cacophony of traffic at the intersection, the sloganeering reached a crescendo around 6pm as the protesters raised their hands in a show of solidarity with the beleaguered JNU community.

Theatrepersons Prasanna and Arundathi Nag, farmer leader Kodihalli Chandrashekar and social activists Tara Krishnaswamy and Srinivas Alavilli were present at the protest venue. “It is not fair that educational institutions are now becoming the target. First, they hiked fees and now they are attacking students. What is the government doing,” Arundathi asked.

“JNU has always been an institution which has raised its voice against atrocities across the country as its students harbour no fear. This is an alarm bell for the country and the government to wake up. Students are the future and can’t be targeted,” she added.

Chandrashekar said Narendra Modi is unfit to be the Prime Minister as he doesn’t keep his word. “Modi said he will help farmers but has done nothing for them. He said he will provide employment to students but is now making them furious,” he said.

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News Network
April 18,2020

Bengaluru, Apr 18: Virtually defending the Gowda family for conducting a marriage reportedly defying lockdown restrictions, Chief Minister B S Yediyurappa on Tuesday said it was performed in a simple manner and well within their limits, "for which they are to be congratulated."

"All the necessary permissions were given and the marriage was performed in a simple manner. There is no need to discuss about it. They had done it well within their limits for which I congratulate them," Yediyurappa said to a query from reporters during the post-COVID-19 briefing.

Scores of people had thronged a farmhouse on Friday to get a glimpse of the wedding of former Prime Minister and JD (S) supremo, H D Deve Gowda's grandson Nikhil Kumaraswamy, ignoring appeals not to visit the venue in view of the ongoing lockdown to check the COVID-19 outbreak. Nikhil, son of former Chief Minister H D Kumaraswamy, tied the nuptial knot with Revathi, the grand-niece of former Karnataka housing minister M Krishnappa.

The marriage was solemnised at Kumaraswamy's Kethaganahalli farmhouse at Bidadi in the neighbouring Ramanagara district, a JD(S) stronghold. Kumaraswamy had taken to Twitter after the marriage, thanking his party MLAs, leaders and workers for staying away from the event and blessing his son from their houses. In a series of tweets, he had said social distancing was maintained and all precautionary measures were taken throughout the event.

BJP had hit out at the JD(S) first family for flouting the norms, alleging that at least 150 to 200 vehicles were given permission to attend the event, that too at at time when social workers wanting to serve the badly affected poor people were not being allowed to ply any form of transport JD(S) leader N H Konareddi and MLC T A Sharavanna had denied the charges, saying the union government guidelines had been followed and that social distancing was maintained.

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