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 16,2020

Bengaluru, May 16: At least 23 new COVID-19 positive cases have emerged in the past 19 hours, raising Karnataka''s tally to 1,079, a health official said on Saturday.

"New cases reported from Friday 5 p.m. to Saturday noon are 23," said the official.

Among the 1,079 cases, 548 are active and isolated in designated hospitals across the state, 494 patients got discharged and 36 died of the virus.

In the past 19 hours, cases spiked in Benglaluru Urban, the place hosting the highest number of coronavirus cases in the state.

Of the new cases, Bengaluru Urban reported 14 cases, followed by 3 in Hassan and Mandya, Ballari, Bagalkote, Davangere, Dharwad and Udupi, 1 each.

All the 14 cases, men, from Bengaluru Urban were secondary contacts of positive case 653.

All Hassan, Dharwad and Bagalkote cases had a history of inter-state travel to Mumbai, Maharashtra, India''s largest sufferer of Covid.

A 46-year-old man from Ballari had a travel history to Ahmedabad in Gujarat, another major COVID-19 hotspot state in India.

A 40-year-old man from Mandya had inter-district travel history to Kolar and Bengaluru.

A 1-year-old infant girl from Udupi had international travel history to Dubai.

Among the new cases, 15 are contacts of earlier cases.

Of the all cases, 20 are men and three women.

Only four of the 23 cases are above 50 and 18 below 40.

Of the 1,079 cases, 12 per cent patients were senior citizens, 66 per cent men and 34 per cent women with a discharge rate of 44 per cent.

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News Network
February 15,2020

Bidar, Feb 15: Leader of the Opposition in the Assembly Siddaramaiah on Friday demanded the State government to withdraw the sedition case against a mother and a teacher of Shaheen school immediately.

“The police can’t execute anything without the government’s permission. The sedition case against two women should be withdrawn immediately. I will raise the matter in the Assembly to draw the government’s attention,” Siddaramaiah told reporters after meeting the woman at the prison here. 

He clarified that he visited the woman not to support the school, but to extend moral support to her.

“I am an advocate and I can clearly establish based on my experience that staging a satirical play doesn’t amount for sedition. It doesn’t even defame anybody. Three cases of sedition have been registered across the state,” he charged.

He alleged that the government was following dual policy. Though the Supreme Court had concluded that the demolition of Babri Masjid was illegal, a play dealing with the demolition was staged at Kalladka Prabhakar Bhat’s school.
The sedition case had not been registered for staging the play.

He charged that there was an undeclared emergency in the country as the freedom of expression was being suppressed.

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News Network
January 8,2020

Bengaluru, Jan 8: The all-India shutdown by trade unions and other organisations began with little impact in the tech city as normal life continued on a working day, an official said.

"No effect of shutdown in the city though banking operations are affected as bank staff are supporting the trade unions," a state official said here.

However, thousands of workers participated in other parts of Karnataka in the nation-wide shutdown call given by trade unions, protesting central government's anti-labour laws and privatisation policies.

Protesters were seen carrying the red trade union flags at several places such as Hassan, Chamarajanagar, Tumakuru, Mysuru, Bengaluru and others.

Massive protests were seen in Peenya, and Neelmangla areas of Bengaluru.

In Madikeri, stones were pelted at a bus and some protesters were detained in Kolar.

The trade unions are against the privatisation of railways and corporatisation of 49 defence production units.

Merging 44 labour laws into four code is also one of the demands of the protesting trade unions.

The protesters are demanding raising the minimum wage in the range of ₹21,000 - 24,000 per month.

The All India Trade Union Congress (AITUC), Centre of Indian Trade Unions (CITU), Indian National Trade Union Congress and Labour Progressive Federation (LPF) have given an all-India shutdown (Bharat Bandh) call on Wednesday.

Karnataka Chief Minister B.S. Yediyurappa instructed the intelligence chief and additional director general of police Kamal Pant to maintain law and order in view of the Bharat bandh when he apprised him of the situation.

Police tightened security across the city by deploying 11 deputy commissioners of police (DCPs), 23 assistant commissioners of police (ACP), 111 inspectors, 316 sub-inspectors, 476 assistant sub-inspectors, 4,547 constables along with 82 platoons of Karnataka State Reserve Police (KSRP).

In Bengaluru city, Metro services were not affected by the nationwide strike. In view of the shutdown, security was beefed at the Metro stations.

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