HSBC, the British-based bank, is at the centre of a US tax evasion investigation connected to offshore banks. Several employees have been accused of helping American clients hide money in offshore bank accounts; reports The Independent.
Prosecutors filed charges against businessman Vaibhav Dahake alleging he conspired with bankers of HSBC to hide accounts in India. The indictment refers to five unnamed bankers. It is alleged that the HSBC employees suggested he should open bank accounts in India to add to those he already held in the British Virgin Islands in order to hide money from the tax authorities.
The IRS is considering a summons on HSBC itself, to see if it sold tax evasion services on a wide scale.
If the American taxman gets hold of information from HSBC it might be shared with UK’s HMRC. The UK taxman recently got hold of bank account details for HSBC Switzerland and is now actively investigating hundreds of UK taxpayers using the Code of Practise 9 (cases of serious fraud) procedures.
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