First News
Volume:7, Number:35
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Business & Finance 3

HSBC Being Probed for Helping Indians Evade Tax

Global banking giant HSBC has disclosed being probed by tax authorities in India and several other countries for allegedly helping four Indians and their families evade tax. The bank said the investigation includes its Swiss and Dubai units. It has also been approached by the regulatory and law enforcement agencies of various countries for information on persons and entities named in the leaked 'Panama Papers'—which includes hundreds of Indians who have allegedly had indulged in tax violations through offshore tax havens with help of a Panamanian law firm, Mossack Fonseca. Disclosing the "tax-related investigations" in its latest annual report published last week, HSBC said it has set aside USD773 million as a provision for various tax- and money laundering-related matters. The bank said the Indian tax authorities in 2015 had issued a summons to an HSBC company in India. In August 2015 and November 2015, HSBC companies received notices issued by two offices of the Indian tax authority.

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