#SwissLeaks: HSBC Indian list just doubled to 1195 names in new Swiss Leaks. Balance: Rs 25420 cr
Download The List: Top 100 HSBC account holders with Indian addresses | Who’s Who & How MuchNew Delhi | February 9, 2015 | BHUPESH KUMAR MANDAL | Admin- Kosulla India Ltd
Swiss Leaks
It is called Swiss Leaks- a trove of secret documents from HSBC’s Swiss private banking arm that reveals names of account holders and their balances for the year 2006-07. They come from over 200 countries, the total balance over $100 billion.
HSBC Indian list just doubled to 1195 names. Balance: Rs 25420 cr an exclusive report
It is called Swiss Leaks- a trove of secret documents from HSBC’s Swiss private banking arm that reveals names of account holders and their balances for the year 2006-07. They come from over 200 countries, the total balance over $100 billion.
HSBC Indian list just doubled to 1195 names. Balance: Rs 25420 cr an exclusive report
An Indian News Paper Investigation in collaboration with Le Monde and International Consortium of Investigative Journalist
It is called Swiss Leaks
— a trove of secret documents from HSBC’s Swiss private banking arm
that reveals names of account holders and their balances for the year
2006-07. They come from over 200 countries, the total balance over $100
billion. But nowhere has the HSBC Swiss list touched off a more raging
political debate than in India.
FULL COVERAGE: SWISS LEAKS BELOW
That’s why to obtain and investigate the Indian names, The Indian Express partnered in a three-month-long global project with the Washington-based International Consortium of Investigative Journalists (ICIJ) and the Paris-based Le Monde newspaper.
The investigation revealed 1,195 Indian HSBC clients, roughly double the 628 names that French authorities gave to the Government in 2011. The new revelation— published today as part of a global agreement — is expected to significantly widen the scale and scope of the ongoing probe by the Special Investigation Team (SIT) appointed by the Supreme Court.
Prominent people on the HSBC list include:
Businessmen
Several top businessmen are HSBC account-holders. They include Mukesh Ambani, Anil Ambani, Anand Chand Burman, Rajan Nanda, Yashovardhan Birla, Chandru Lachhmandas Raheja, Dattaraj Salgaocar, Bhadrashyam Kothari and Shravan Gupta.
Diamond Traders
Top diamond traders of the country, several of whom are now settled abroad, figure on the list, with mostly Mumbai addresses given. Among them, Rusell Mehta, Anoop Mehta, Saunak Parikh, Chetan Mehta, Govindbhai Kakadia and Kunal Shah.
Politicians
There are a few account holders with political connections, most of whom deny having accounts. There is former UPA minister Preneet Kaur, former Congress MP Annu Tandon and family members of former Maharashtra chief minister Narayan Rane — his wife Neelam Narayan Rane and son Nilesh Rane — as well as family members of the late Congress minister Vasant Sathe. Bal Thackeray’s daughter-in-law Smita Thackeray is also listed as an account holder.
NRIs/PIOs
Several prominent names include Swraj Paul, members of Manu Chhabria’s family, Rajendra Ruia/Vimal Ruia and Naresh Kumar Goyal.
HSBC, headquartered in London, when informed about the global investigation, first insisted that the ICIJ destroy its data. Told about the full extent of the reporting team’s findings (106,458 “clients” and data on major politicians, diamond traders, arms dealers and members of drug cartels), HSBC said: “We acknowledge that the compliance culture and standards of due diligence in HSBC’s Swiss private bank, as well as the industry in general, were significantly lower than they are today.”
The bank added that it had refocused this part of its business. “As a result of this repositioning, HSBC’s Swiss private bank has reduced its client base by almost 70% since 2007.”
Probing the names
The hunt for HSBC clients took The Indian Express from Golf Links to Vasant Kunj and Gautam Nagar, all in the capital. In Mumbai, the account holders spread across Napean Sea Road to Ghatkopar, while some have listed addresses in smaller cities such as Phagwara, Kottayam, Srinagar, Ludhiana and Shimla.
Fascinating details are revealed in the list that includes hundreds of NRIs — for instance, 84-year-old stenographer Annie Meneaud, born in Kannur, Kerala, whose account was opened in Dubai and had a balance of $100,020.
Then there are some mysterious HSBC account-opening statements, such as one named “H.G.P” for a Kolkata-born UK citizen who has given a Carlton House Terrace address and, as the statement shows, instructed that all transactions be kept in the bank’s safe deposit box. This 74-year old client’s balance: $133.52 million.
A scrutiny shows there are 276 account holders with at least $1 million in their balance of whom 85 are residing in the country.
Topping the list of account-holders with an India connection is prominent London-based PIO Swraj Paul with a balance of $386 million. The lowest balance is for Gujarat-born UK citizen Naman Sarwar Malik, who has $669 in his account.
The Indian Express was the first to report, on August 7, 2011, that French authorities had handed over details of around 700 HSBC account holders and, as was the case in several countries, a frantic tax chase began.
In November 2012, India Against Corruption, led by Arvind Kejriwal, had released names of some account holders. These new papers now reveal that while he got some names right, his claim regarding the balance in those accounts was way off the mark.
Govt’s action so far
Top officials of the Central Board of Direct Taxes (CBDT) said that undisclosed income to the tune of Rs 3,150 crore ($508 million) has been brought to tax from among HSBC account-holders but pointed out that there were some significant gaps in the data — some 200 accounts with the Government had no balance and 211 of them were of NRIs.
“We are contacting everyone and not leaving this as a presumption. We are putting the onus of proving NRI status during the relevant period on the account-holder,” a senior CBDT official told The Indian Express.
Such updated data is being regularly provided by the CBDT and the SIT to the Supreme Court, and officials said that tax collections, penalties and prosecutions are being chased on war footing.
One issue that has, however, befuddled the CBDT is whether HSBC and its officials too should be brought under scrutiny.
A confidential note dated October 27, 2014, shows that following a video conference on the subject of HSBC collections, the prosecution of HSBC officials was being contemplated.
The note reads, “It has been explained that involvement of HSBC/its officials in opening and operation of the accounts also needs to be identified and reported to the Board… such facts would be extremely important while considering prosecution of HSBC/ its officials as abettors to Indian assessees.”
Several HSBC account-holders contacted by The Indian Express said that they objected to what some described as the “high-handedness’’ of the Income Tax Department.
Kuldip Singh Dhingra, chairman of Berger Paints, for instance, said that he had routed all money in the account through legal channels and despite that he was subjected to a search (around 150 such search operations have been conducted). He has filed a petition in the Delhi High Court as an action of protest. “The IT Department should do its homework before they move in and conduct raids. We strongly object to such treatment.’’
Another industrialist, Jitendra Virwani, chairman of the Embassy Group, said that all his bank accounts had been declared to I-T authorities, but that despite clarifications, the department had told him tax was due for the HSBC account. “I have only paid up to avoid the harassment of prosecution.”
There are many account holders, led by Delh-based industrialist Sanjiv Lamba, who approached the Settlement Commission and obtained immunity from prosecution. Suresh Nanda, himself an NRI, said his brother Paul Nanda and his son Sanjeev Nanda had also approached the Settlement Commission and paid up taxes there.
Until last month, CBDT officials said, 27 HSBC account-holders had paid up penalties and 15 were facing prosecution proceedings for concealment of income in the accounts. The SIT has reportedly been informed that the target number for HSBC account-holders to be prosecuted is 300. But that was based on the list of over 600. Now that the list has doubled, sources said, the scope of the investigation just widened.
Here is the full #swissleaks list
1. UTTAMCHANDANI GOPALDAS WADHUMAL/family $54,573,535
2. MEHTA RIHAN HARSHAD/ family $53,631,788
3. THARANI MAHESH THIKAMDAS $40,615,288
4. GUPTA SHRAVAN $32,398,796
5. KOTHARI BHADRASHYAM HARSHAD/ family $31,555,874
6. SHAUNAK JITENDRA PARIKH/family $30,137,608
7. TANDON SANDEEP $26,838,488
8. AMBANI MUKESH DHIRUBHAI $26,654,991
9. AMBANI ANIL $26,654,991
10. KRISHNA BHAGWAN RAMCHAND $23,853,117
11. DOST PARIMAL PAL SINGH $21,110,345
12. GOYAL NARESH KUMAR $18,716,015
13. MEHTA RAVICHANDRA VADILAL $18,250,253
14. PATEL KANUBHAI ASHABHAI $16,059,129
15. SACHIV RAJESH MEHTA $12,341,074
16. ANURAG DALMIA/family $9,609,371
17. RAVICHANDRAN MEHTA BALKRISHNA $8,757,113
18. KUMUDCHANDRA SHANTILAL MEHTA/family $8,450,703
19. PATEL RAJESHKUMAR GOVINDLAL/family $6,908,661
20. HEMANT DHIRAJ $6,237,932
21. ANUP MEHTA/family $5,976,998
22. TANDON ANNU $5,728,042
23. SIDHARTH BURMAN $5,401,579
24. SALGOACAR DIPTI DATTARAJ $5,178,668
25. DABRIWALA SURBHIT/family $5,000,000
26. VAGHELA BALWANTKUMAR DULLABHAI $4,405,465
27. DILIPKUMAR DALPATLAL MEHTA $4,255,230
28. KULDIP & GURBACHAN SINGH DHINGRA $4,144,256
29. LAKHANI JAMNA THAKURDAS $4,123,673
30. RAJIV GUPTA $4,113,705
31. SAWHNEY ARMINDER SINGH $3,965,881
32. ISRANI LOVEEN GURUMUKHDAS $3,824,104
33. NATVARLAL BHIMBHAI DESAI/family $3,746,078
34. TULSIANI JAWAHARLAL GULABRAI/family $3,730,145
35. GUPTA RAJIV $3,545,416
36. JAISWAL LADLI PERSHAD $3,496,063
37. CARVAHLO ALOYSIUS JOSEPH $3,313,788
38. PRADIP BURMAN $3,199,875
39. TULSIANI SHAM GULABRAI/family $3,066,991
40. VITHALDAS JANAKI KISHORE $3,031,220
41. KUMAR VENU RAMAN $3,063,064
42. THAKKAR DILIP JAYANTILAL $2,989,534
43. TULSIANI PARTAB GULABRAI $2,901,435
44. ADENWALLA DHUN DORAB/family $2,863,271
45. BURMAN PRADIP $2,831,238
46. TULSIANI NARAINDAS GULBARI $2,818,300
47. DASOT PRAVEEN $2,801,634
48. PATEL LALITABEN CHIMANBHAI $2,741,488
49. CHATHA JOGINDER SINGH $2,732,838
50. SHYAM PRASAD MURARKA $2,546,516
51. DHURVENDRA PRAKASH GOEL $2,488,239
52. NANDA SURESH/family $2,303,713
53. GIDWANI ANAN NELUM $2,228,582
54. PRATAP CHHAGANLAL JOISHER/family $2,209,346
55. MEHTA DEVAUNSHI ANOOP $2,136,830
56. SHAW MOHAMMAD HASEEB/family $2,133,581
57. AHMED rizwan syed/family $2,125,644
58. VINITA SUNIL CHUGANI $2,085,158
59. SAWNEY BHUSHAN LAL $2,043,474
60. PARMINDER SINGH KALRA $2,042,180
61. CHOWDHURY RATAN SINGH $1,987,504
62. DHIRANI VIKRAM $1,915,148
63. NANDA SARDARILAL MATHRADAS $1,824,849
64. WILKINSON MARTHA $1,824,717
65. SAHNEY DEVINDER SINGH $1,763,835
66. TANEJA DHARAM VIR $1,748,541
67. DHINDSA KOMAL $1,597,425
68. CHATWANI TRIKAMJI/family $1,594,114
69. PITTIE MADHUSUDANLAL NARAYANLAL $1,462,594
70. BHARDWAJ ANIL $1,435,781
71. DIPENDU BAPALAL SHAH $1,362,441
72. BHARTIA ALOK $1,349,044
73. SINGH SHUBHA SUNIL $1,348,983
74. DANSINGHANI SHEWAK JIVATSING/family $1,267,743
75. KUMAR DAVINDER/family $1,231,088
76. JASDANWALLA ARSHAD HUSAIN ADAMSI/family $1,229,723
77. JHAVERI HARISH SHANTICHAND/ family $1,191,144
78. SINGHVI GANPAT $1,194,388
79. MILAN MEHTA/family $1,153,957
80. TUKSIANI ASHOK GULABRAI $1,140,890
81. MODI KRISHAN KUMAR $1,139,967
82. GARODIA BISHWANATH $1,071,858
83. JAGASIA ANURADHA ANIL $1,039,648
84. VITHALDAS KISHORE/family $1,020,028
85. CHANDRASHEKAR KADIRVELU BABU/family $1,007,357
86. GALANI DIPAK VARANDMA/family $940,191
87. SAWHNEY ARUN RAVINDRANATH $914,698
88. MERWAH CHANDER MOHAN $909,309
89. PATEL ATUL THAKORBHAI $813,295
90. NATHANI KUMAR SATURGUN $751,747
91. SATHE SUBHASH/family $749,370
92. SHAH ANIL PANNALAL/family $742,187
93. MADHIOK ROMESH $719,559
94. BHAVEN PREMATLAL JHAVERI $717,654
95. KINARIWALA KALPESH HARSHAD $713,340
96. GOKAL BHAVESH RAVINDRA $699,184
97. LAMBA SANJIV $644,923
98. SHOBHA BHARAT KUMAR ASHER $641,387
99. KATHORIA RAKESH KUMAR $589,753
100. BHANSALI ALKESH PRATAP CHANDRA $579,609
The names include those of businessmen, politicians and their families.
Mukesh Ambani
Balance: $26.6 mn (Rs 164.92 crore)
Richest Indian industrialist, personal worth over $20 billion. He opened two HSBC accounts in 2001. Average joint balance of $26.6 million in 2006/2007. Data shows account registered under Flag Telecom Group Ltd and Canbar Holding Corporation. There is also an account of Reliance Industries Limited, opened in 2007, with a balance of $ 103.8 million (Rs 638.6 crore). Earlier, following allegations made by India Against Corruption, the company had issued a statement in which they clarified, “These accounts are fully compliant with all regulations and are disclosed in their appropriate jurisdictions and in India.”
COMMENT:
RIL spokesperson stated, “Neither RIL nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.”
Anil Ambani
Balance: $26.6 mn (Rs 164.92 crore)
Younger brother of Mukesh, Anil Ambani took charge of the family empire’s telecom, power, entertainment arms after it split. Had identical balance of $26.6 million as Mukesh in HSBC, same holding companies. Named by India Against Corruption as an account-holder, Anil Ambani issued a statement which “clarified” he had no bank account with HSBC Geneva. Bank scripts attached to the account opening statement showed HSBC personally contacted “client’’ for opening the account in January 2005, and funds were agreed to be deposited in the bank two days later. Mother Kokila Dhirubhai Ambani too has an account in the bank but data provides no details.
COMMENT:
Anil Ambani’s office responded, “Mr Ambani does not have any HSBC overseas account.”
Naresh Kumar Goyal
BALANCE: $18.7mn (Rs 116 crore)
Founder Chairman of Jet Airways, Naresh Goyal opened three accounts in HSBC in 2003 and had a 2006-07 balance of $18.7 million. Detailed internal notes are attached, listing the number of “relationships” the bank has had with Goyal, including the opening of a new account for Tailwinds Ltd. At meetings with bankers in Geneva in September 2005, Goyal discussed the fallout of rulings he got from the cantonal tax department in Switzerland. He wanted all guarantees taken over by HSBC, and other large sums transferred to the bank.
COMMENT:
A spokesperson said, “Mr Naresh Goyal is an NRI. He can have legitimate bank accounts anywhere in the world. Furthermore, he is fully compliant with all his obligations to the tax jurisdictions in India and other countries.”
BURMAN FAMILY
BALANCE: $ 12.5 mn (Rs 77.5 crore)
Data shows the Dabur family had several accounts with HSBC in 2006-07. Chairman Dr Anand Chand Burman and wife Minnie Burman had $803,683. Director Sidharth Burman had seven accounts, with son Saket a joint holder in one account. Sidharth’s brother Pradip Burman had eight accounts, $6.02 million. Records show a Shanti Niketan, New Delhi address.
COMMENT:
Anand Chand Burman (in photo) said, “I have been an NRI since 1999 and pay taxes in the UK. This money was sent out under the remittance scheme and everything has since been explained.” He said it wouldn’t be possible to contact Sidharth Burman since he was undergoing treatment abroad.
ANURAGH DALMIA
BALANCE: $9.6 mn (Rs 59.5 crore)
Vice Chairman of Dalmia (Bros) Pvt Ltd. The flagship companies of the Group are GHCL (Gujarat Heavy Chemicals Limited) and GTC (Golden Tobacco Company). The Group is also into textile manufacture and weaving as well as healthcare. HSBC data shows that Anuragh had four accounts with the bank, opened in 2000, with a combined maximum of $9.6 million in 2006-07. Wife Jayanti is listed as a joint account-holder in one of the accounts and their address in New Delhi’s Tees January Marg is also listed. There are detailed notes from the bankers on investments Anuragh wanted to make during meetings in 2005.
COMMENT:
Anuragh Dalmiya did not respond to calls and messages.
MANU CHHABRIA FAMILY
Balance:
$141 mn
(Rs 874 crore*)
The “takeover tycoon” was mostly based in Dubai. Several family members opened accounts with HSBC Geneva in 2006. They include Manu Chhabria’s wife Vidya Manohar who, after his death in 2002, took charge and consolidated the Jumbo Group. She was helped by daughters Komal Wazir, who now handles the Group’s India operations as well as Shaw Wallace, and Kiran, who has taken charge of Jumbo. HSBC records show that in 2006-07, Vidya Chhabria had a maximum balance of $39.25 million; Komal Wazir Chhabria had four accounts totalling $61.6 million with husband, Rajiv Wazir, a co-account holder in two accounts; and, Kiran Manohar Chhabria had a maximum of $40.15 million.
COMMENT:
Komal Wazir did not respond to calls or messages.
*Conversion rate used: Rs 62 for US $1
MAHESH TIKAMDAS THARANI
Balance: $40.61 mn (Rs 251.7 crore)
An importer of home decoration items, he had a 2006-07 balance of $40.61 million. In 2001, he opened two accounts from Jakarta. A Bangalore address is mentioned in the data but a check showed the house on Berlie Street was sold by Tharani a decade ago. He is listed on trade websites as a Director and licencee of Bill Blass Home Decor and an importer of home decor accessories and items like candles and candle stands. When the account was opened, he showed Indian nationality.
COMMENT:
Could not be contacted for comment.
ANNU TANDON
BALANCE: $5.72 million (Rs 35.8 crore)
Former Congress MP from Unnao Annu Tandon lost the 2014 Lok Sabha elections. She ran an electronics firm earlier for Reliance Industries and was married to Sandeep Tandon, a former Indian Revenue Service officer who worked with Reliance Industries for several years before he died. The account opening statement in her name reveals she had two accounts (opened in 2005) with a joint balance of $5.72 million. Her Mumbai address is given in the records. The HSBC account is not one of the accounts declared by her in her asset declaration to the Election Commission.
COMMENT:
Annu Tandon denied having any such account. “This is something I am very hurt about. I don’t have any accounts besides those in India. My husband is no more and if he opened some accounts, how would I know? All these allegations hurt and pain me.”
DATTARAJ VASSUDEV SALGAOCAR, DIPTI SALGAOCAR
BALANCE: $5.17 million (Rs 32 crore)
He is the owner and Managing Director of V M Salgaocar Group, with interests in iron ore mining, shipping, healthcare and hospitality. He is married to Dipti, sister of Mukesh and Anil Ambani. The family is based in Goa where they are captains of industry and have several philanthropic institutions. All four members of the Salgaocar family have accounts in HSBC. While there is no account balance shown for Dattaraj Salgaocar, his wife had a 2006-07 maximum balance of $5.17 million. There are separate accounts of their children, Vikram and Isheta, but balance amounts are not mentioned.
COMMENT:
Dattaraj Salgaocar said he did not wish to make any comment on the matter.
KULDIP SINGH DHINGRA, GURBACHAN SINGH DHINGRA
BALANCE: $4.14 million (Rs 25.6 crore)
The Chairman of Berger Paints, Kuldip Singh Dhingra, and brother Gurbachan Singh Dhingra, Vice Chairman of the Group, figured in the 2014 Forbes list of wealthiest Indians. They opened four accounts with identical balance in 2005. The name of their company UK Paints (Overseas) is also listed. In 2006-07, they had a combined balance of $4.14 million with detailed notes from bankers on future inflow of funds.
COMMENT:
Kuldip Singh Dhingra said the accounts had been declared to RBI and Ministry of Commerce but they still had to face an income tax search. “The left hand of the government does not know what the right hand is doing. We have filed a writ in the high court objecting to the manner in which we were treated. The Income Tax should not mix up illegitimate account- holders with genuine ones who have already disclosed everything.”
LADLI PERSHAD JAISWAL
BALANCE: $3.49 million (Rs 21.6 crore)
The late Ladli Pershad Jaiswal was the founder of Jagatjit Industries Limited (JIL), one of the largest manufacturers of IMFL (Indian Made Foreign Liquor). The family-owned company’s brands include Aristocrat and Royal Pride whiskeys. Liquor accounts for two-third of the company turnover — food products and packaging make up the rest. Ladli Pershad acquired British citizenship and died in 2005. In the HSBC data, he is shown as an Indian citizen, with a New Delhi address (the house is currently under reconstruction). In 2006-07, his account had a balance of $3.49 million. Ladli Pershad’s sons now manage JIL.
COMMENT:
Family members could not be contacted and were travelling abroad.
SANDEEP TANDON
BALANCE: $26.8 mn (Rs 166.1 crore)
Sandeep Tandon was an officer of the Indian Revenue Service who took voluntary retirement and joined Reliance Industries to head their taxation and liaison units. He became a powerful aide to Mukesh Ambani after the group split though he had investigated alleged money laundering charges. He died in 2010. Records show he had three accounts in HSBC with Mukesh Ambani and Anil Ambani shown as trustees in the list. The balance in the three accounts totalled $26.8 million.
SHRAVAN GUPTA, SHILPI GUPTA
BALANCE: $33.8mn (Rs 209.56 crore)
THE man behind real estate development firm Emaar MGF, Shravan Gupta and wife Shilpi Gupta have three accounts with HSBC Geneva. They have declared the accounts and paid taxes. Shravan Gupta had a balance of $32.3 million in 2006-07, and wife Shilpi, a joint account holder, $1.5 million. The Hyderabad Convention Centre and the Commonwealth Games Village in New Delhi are two well known projects of Emaar MGF. The couple’s Golf Links residence in New Delhi is listed in the HSBC account opening data.
COMMENT:
Shravan Gupta did not respond to calls and text messages.
KUMAR VENU RAMAN
BALANCE: $3.06 million (Rs 18.97 crore)
An Indian Revenue Service officer who took premature retirement to join the Essar Group, Kumar Venu Raman became an angel investor. He was founder and former CEO of MModal Inc, one of the largest clinical documentation technology companies, which he sold to J P Morgan’s private equity arm two years ago. He was also President of Cbay Inc and is currently Chairman and Managing Director of Aeries Group, an investment platform which also manages funds of his family. He continues to be a Director in MModal Inc. In 2006-07, his HSBC Geneva account had $3.06 million.
COMMENT:
Kumar Venu Raman said, “I have been an NRI for almost two decades and all responses and clarifications have been given by my representatives to the tax authorities.’’
BHUSHAN LAL SAWHNEY AND FAMILY
BALANCE: $2.69 million (Rs 16.7 crore) (combined)
The Managing Director of Sawhney Tyres, a tyre manufacturing company, has one of the oldest listed accounts in the HSBC India list. His account was opened in 1970 and its maximum balance in 2006-07 was $2.04 million (Rs 12.64 crore). His wife, Sneh Lata Sawhney, is a joint holder of the account. Son Praveen Sawhney has a separate account. His statement to the Income Tax was one of those released by India Against Corruption. Praveen had a 2006-07 balance of $ 657,161 (Rs 4.07 crore). The correspondence of the bankers attached with the data shows frequent requests from Bhushan Lal Sawhney and Praveen Sawhney for money transfer to other bank accounts, including those in Zurich.
COMMENT:
Praveen Sawhney said, “This is a matter my office and my chartered accountants are dealing with. I have told them that we should be totally willing to cooperate with tax authorities.”
ADM S M NANDA, SURESH NANDA
BALANCE: $2.3 million (Rs 14.2 crore)
Navy chief during the 1971 Indo-Pak war, Admiral S M Nanda’s retirement years were mired in controversy due to the alleged involvement of his son Suresh in defence scandals and grandson Sanjeev in the BMW hit-and-run case. Nanda set up the Crown Corporation for arms contracts and died in 2009 at the age of 93. Data shows accounts in the names of the late Admiral, and sons Suresh and Paul. One company account shows all three as beneficial owners with a 2006-07 balance of $1.34 million; there is another joint account with Suresh: $478,864. Suresh has three other accounts with $478,532.
COMMENT:
Suresh Nanda said, “I have been an NRI since 1987 and declare this to the Income Tax every year. As far as Paul Nanda and Sanjeev Nanda are concerned, they have paid tax before the Settlement Commission where their petitions were admitted.”
BHADRA SHYAM KOTHARI FAMILY
BALANCE: $31.55 mn (Rs 195.6 crore)
This business family from Chennai figures in the HSBC list. Nina Bhadrashyam Kothari is the wife of Bhadra Shyam Kothari, Chairman of the Kothari Group and daughter of the late Dhirubhai Ambani. She is presently a Director in Kothari Petrochemicals, one of the principal companies of the Group. Their daughter Nayantara and son Arjun are listed as account-holders but there are no details. The balance in the account of Nina Bhadrashyam Kothari is shown as $31.55 million. All accounts were opened in 2002 and the family’s Chennai home is listed as the correspondence address.
COMMENT:
Bhadra Shyam Kothari could not be reached for comment. Family members said he was undergoing treatment abroad.
MOHAMMAD HASSEEB SHAW
BALANCE: $2.13 million (Rs 13.2 crore)
A prominent exporter of Kashmiri carpets and pashmina shawls, he is Managing Director of the Srinagar-based Cottage Arts Emporium, which also has a branch in New Delhi. HSBC data shows he opened his account in 1997. He is listed as one who does commerce in carpets and textiles. His father, Shaw Abdul Rashid, is a joint account-holder and they had a $2.13-million maximum balance in 2006-07. Several meetings between HSBC bankers and the two account-holders are listed — they asked for a second safe deposit box abroad and are noted as emptying out one which was stuffed with pashmina shawls.
COMMENT:
Could not be contacted despite repeated visits to their office in Srinagar.
DHARAM VIR TANEJA
BALANCE: $1.75 million (Rs 10.8 crore)
Ninety-year-old retired banker Taneja recently published a book, A Chronology of Men, Matters and Events, which records the pre-Partition days and his experience as a banker. He held the posts of Chairman and Managing Director of the Central Bank of India, Chief General Manager and Vice-Chairman, Executive Committee of the Middle East Bank Ltd in Dubai till 1989. His 2006-07 balance in HSBC records is $1.75 million (Rs 10. 8 crore) and data shows that the account was opened in 2001 in Dubai. His Defence Colony address in New Delhi, where he lives, is listed.
COMMENT:
A family member of Dharam Vir Taneja clarified, “The overseas bank account was disclosed to the RBI from its inception and monies lawfully repatriated to India in 2008 when account was closed. This is a case of fully disclosed income and appropriate assessment orders are awaited.”
ALOK BHARTIA
BALANCE: $1.35 million (Rs 8.37 crore)
Alok Bhartia is Vice-Chairman of Taegu Tec India, a subsidiary of a South Korean manufacturer of tools and instruments. The company was set up in 2000 and has a sizeable share of the market of carbide tools and tooling solutions, especially for the automobile industry. In 2011, billionaire and philanthropist Warren Buffett visited Taegu Tec India’s plant in Bangalore. Buffet is a major investor in Taegu Tec’s holding company in South Korea. Alok Bhartia owns another Bangalore company, Dakshin Foundry, in which wife Alpana is a Director. Both are co-holders of an HSBC account they opened in 2006. The data shows a 2006-07 balance of $1.3 million.
COMMENT:
Did not respond to calls or requests for comments.
BISHWANATH GARODIA
BALANCE: $1.07 million (Rs 6.6 crore)
Garodia is Managing Director of Kolkata-based trellising company Mangal Steel Limited. It has undertaken manufacture and export of farming equipment and highway construction. He and wife Usha, who is also a Director in the company, are joint account-holders in HSBC. They opened an account in 1999. The couple had a 2006-07 balance of $1.07 million. HSBC data lists him as the owner of a production company. Their residence address in Kolkata is listed for correspondence with the bank.
COMMENT:
Garodia said, “We are presently in discussion with the Income Tax Department over this… it is being taken care of.”
BRIJENDRA KUMAR PODDAR
BALANCE: $953,187 (Rs 5.9 crore)
He belongs to a West Bengal business family which deals in petroleum and marketing of petroleum products. He is the owner of a network of petrol pumps and automobile dealerships. His HSBC account, opened in 2005, shows a balance of $953,187. His son, Yash Wardhan Poddar, who is the Honorary Consul of Romania in Kolkata, is listed as a co-account holder.
COMMENT:
Brijendra Poddar said, ”We are dealing with the Income Tax department on this matter. I have no comment to make.”
SUBHASH VASANT SATHE, INDRANI SATHE
BALANCE: $749,370 (Rs 4.64 crore)
Son and daughter-in-law of former Union minister Vasant Sathe who died in 2011. Engaged in the manufacture of automotive parts and plastic components and are Directors in companies such as Sun Vacuum Formers Pvt Ltd and TRW Sun Steering Wheels Pvt Ltd. The manufacturing units are located in Gurgaon, Pune and Manesar. Their joint account with a 2006-07 balance of $749,370 was opened in 2002. Subhash Sathe listed a Gautam Nagar, New Delhi address. Indrani listed an address in Saket, New Delhi, in account-opening documents.
COMMENT:
Subhash Sathe said he had no details of the account. “You must be aware of details but I am not, no one from the tax department has contacted me yet.”
SANJIV LAMBA
BALANCE: $644,923 (Rs 4 crore)
Delhi businessman and owner of Diplomat Hotel, Sanjiv Lamba has diversified into furnishings with a company called Continental Furnishings. Sanjiv and wife Madhulika had an identical 2006-07 balance of $644,923 each. The accounts were opened in 2000. In meetings later with HSBC bankers in New Delhi, Sanjiv discussed further investments “with an Indian flavor.”
COMMENT:
Sanijv Lamba’s chartered accountant said, “My client was one of the first to admit to the Income Tax that he had an account and showed them all banking transactions. Subsequently, he approached the Settlement Commission where his petition was admitted and taxes due were paid up.”
HARSHAVARDHAN NEOTIA, VINOD KUMAR NEOTIA
BALANCE:
$503,000 (Rs 3.1 crore)
Chairman of the Ambuja Neotia Group and co-owner of a Super League football team, Harshavardhan Neotia joined the family concern when the flagship was Ambuja Cement, later sold in 2006. He began concentrating on real estate. Ambuja Neotia is now the largest player in the social housing sector in East India. Harshavardhan is a Padma Shri recipient. Data shows the Neotia family has three accounts in HSBC Geneva. One of the accounts is in the name of his late father, Vinod Kumar Neotia. In 2006-07, it had a maximum balance of $503,000. There is no mention of the balance in his account and that of wife Madhu Neotia.
COMMENT:
Harshavardhan Neotia said, “The accounts were opened by my father who is no more. But I have told the Income Tax authorities that if there is any liability against me or my family, I am willing to pay.”
SURINDER KAPUR
BALANCE: $406.088 (Rs 2.51 crore)
Surinder Kapur is Chairman of Sona Koyo, manufacturer of automobile steering systems and one of the world’s largest precision forging enterprises. He accompanied Prime Minister Narendra Modi on his Japan trip as a representative of the manufacturing sector. HSBC data shows Surinder Kapur opened five accounts with the bank in 1999. He wanted to reshuffle his earlier accounts held in the name of foundations and open a personal account. The maximum balance, collectively shown for the accounts in 2006-07, is $406,088.
COMMENT:
Kapur said, “This is all nonsense. I don’t have any information on this.”
MICHAEL ARAM WOLOHOJIAN
BALANCE: $107,837 (Rs 66.8 lakh)
Well-known metal designer, Wolohojian figures in the India list of HSBC account-holders. He has a base in New Delhi and records show three different addresses in New Delhi’s Green Park, Sujan Singh Park and Greater Kailash areas. He runs the Michael Aram Export Company and is into designing paper products and melamine giftware. HSBC data shows that he opened three accounts with the bank in 1997. Two of them had zero balance while a third had $107,837 in 2006-07.
COMMENT:
Was out of the country and could not be contacted.
SMITA JAYDEV THACKERAY
BALANCE: $103.236 (Rs 64 lakh)
Film producer Smita Thackeray is the daughter-in-law of the late Bal Thackeray of Shiv Sena. Estranged from husband Jaydev, she continued to live in the Thackeray family home “Matoshree”. Bank records show that Smita opened an account with HSBC Geneva from Mumbai in 2002. Her date of birth and passport number are listed. Her profession is described as President of IMPPA (Indian Motion Pictures’ Producers Association) which she was heading then. Records show a maximum balance of $103,236 in 2006-07 in her account.
COMMENT:
She did not respond to calls or messages. Staff at her office said she was busy with her son’s wedding.
DALMIA FAMILY
BALANCE: $74,038 (Rs 45.9 lakh)
Members of the second and third generation of the Dalmia Group — primarily Dalmia Cement — are in the HSBC list. After the death of founder Jai Dayal Dalmia, sons Jai Hari Dalmia and Yadu Hari Dalmia took charge. Several members of the Group’s “family council” and all four are account holders with similar balances and listed office addresses. Jai Hari and Gautam Dalmia had $35,969 as maximum balance each for 2006-07. Yadu Hari Dalmia and Puneet Dalmia had $38,069 each in their accounts.
COMMENT:
Puneet Dalmia said: “The accounts were in compliance with RBI regulations and the amount in them was remitted through authorised dealers. The Income Tax authorities did inquire about them and were satisfied with the answers given.”
JITENDRA VIRWANI
BALANCE: $14,517 (Rs 9 lakh)
Jitendra Virwani is Chairman of Bangalore-based Embassy Group, one of the pioneers in construction of office parks and commercial technology complexes in the country. His projects include Manyata Park and Embassy Golf Links in Bangalore and he is known to pick his tenants — such as IBM, Microsoft and Target — before the projects are completed. The Indian arm of Blackstone invested recently in four of his company’s technology parks. He has figured in the Forbes list of richest Indians and has a penchant for rearing thoroughbreds. He also runs a horse riding academy in Bangalore. He and wife Vandana opened a joint account with HSBC in 2001. The data shows a 2006-07 balance of $14,517. The couple’s Bangalore address is listed in the HSBC data.
COMMENT:
Jitendra Virwani said, “All my international accounts have been declared and before the Income Tax Department, I denied having such an account. But they showed me some papers and calculated that I have to pay up approximately Rs 3.8 lakh. I have paid up but done so under protest so that I do not have to face the harassment of prosecution.”
ASHVIN PRAKASH KUMAR
BALANCE: $4,849 (Rs 3 lakh)
An independent award-winning filmmaker and screen writer, he shot into fame when he became the youngest Indian director to be nominated for an Oscar award in 2005. He has one of the lowest balances among prominent Indians in the HSBC list. The 41-year-old is the son of fashion designer Ritu Kumar and has listed their address at Pushpanjali farms, on the outskirts of Delhi, in HSBC bank records. His account showed a 2006-07 balance of $4,849.
COMMENT:
Ashvin Prakash said, “This (opening of hsbc account) was during my tenure as nri and has been declared to authorities and therefore I do not want to comment further.”
PRENEET KAUR
BALANCE: Not mentioned
Minister in the former UPA government and wife of former Punjab chief minister Amarinder Singh, Preneet Kaur is listed as an account-holder in the data. The only detail mentioned is her date of birth, which matches that in official records. In October 2014, she said the Income Tax Department had contacted her in 2011. ”In keeping with my reply to the I-T Department, I would like to state that I never had, and do not have any bank account(s) overseas in my name with any foreign bank.” No HSBC account is listed in her asset declaration form to the Election Commission.
COMMENT:
Preneet Kaur said, “I am saying what I said before. I do not have any foreign bank account. If you say my date of birth and name match in the records, I don’t know how those details have come up.”
RAJAN PARSHAD NANDA
BALANCE:Not mentioned
Rajan Nanda is Chairman and Managing Director of engineering conglomerate Escorts Ltd. His wife Ritu is the daughter of the late actor Raj Kapoor. In 2007, Nanda appointed son Nikhil as Joint Managing Director of the company who is now in charge of the its diversification bid. HSBC data shows Rajan Nanda opened an account in 2002 under Centerville Consultancy Limited. There are no details of the money in the account.
COMMENT:
Rajan Nanda said, “The tax department contacted me about nine months ago and I appeared before them. They were satisfied with my replies that the monies were sent annually through the official route permitted by the RBI.”
NEELAM NARAYAN RANE,
NILESH RANE
BALANCE: NOT MENTIONED
Data shows that former Maharashtra Chief Minister Narayan Rane’s wife Neelam and elder son Nilesh are HSBC account holders. Neelam runs a hotel chain while Nilesh is his father’s political heir. He has been a Lok Sabha MP. He lost in the 2014 elections. The only details available for Neelam Rane and Nilesh Rane are their dates of birth and their Bandra address, all verified.
COMMENT:
Nilesh Rane said he had no knowledge of the accounts. “I have nothing to do with this. I am not aware of any such accounts.”
YASHOVARDHAN BIRLA
BALANCE: Not mentioned
Chairman of the Yash Birla Group, a conglomerate of 20 companies, Yashovardhan Birla took charge at the young age of 23 when he lost his parents in an air crash. The young Birla scion, a Page 3 regular and a fitness enthusiast, has led the group through a major diversification drive, moving from engineering and machine tools and infrastructure to healthcare, wellness and textile manufacturing. HSBC data provides sketchy details and makes no mention of the money in his account.
COMMENT:
A company chartered accountant said, “We have no assets which are undisclosed under our name except what is required as per Indian laws. We have always complied with the legal system.”
PRADIP KUMAR KHAITAN, HAIGREVE KHAITAN
BALANCE: Not mentioned
They are owners of Khaitan and Company, one of the oldest corporate law firms of repute in the country. The law firm has now expanded to cities outside Kolkata, where they started out. It employs over 300 lawyers. In the HSBC list, Pradip Kumar Khaitan and son Haigreve and their spouses Prabha and Tarulika are listed. No balance is shown for the accounts opened in 2004.
COMMENT:
Pradeep Khaitan said, “The Income Tax department has given us a clean chit since everything was documented and money sent to the HSBC account under the official remittance scheme. The account is in my name as well as other members of the family.”
K RAHEJA CORPORATION FAMILY
BALANCE: Not mentioned
Chandru Lachmandas Raheja is the son of Lachmandas Raheja and Chairman of the K Raheja Corporation, a real estate and hospitality company, which was formed after he parted ways with his siblings in 1996. The group’s first major township project was in Malad, Mumbai, where the company built Mindspace. Another company landmark has been Shoppers Stop in several cities. Lachmandas Raheja, his wife Jyoti and two sons, Ravi Raheja and Neel Raheja, are all holders of individual accounts with HSBC Geneva though no account opening details are given. In 2013, Chandru Raheja and his sons were chargesheeted by the Enforcement Directorate in connection with development of land for the Hypercity project in Mumbai.
COMMENT:
A spokesperson for the Raheja Group said, “All the money in the offshore accounts has been deposited under the Liberalized Remittance Scheme. We were contacted by tax authorities two years ago and all information given. No taxes needed to be paid.”
CHARU BHARTIA MODI
BALANCE: Not mentioned
An entrepreneur, she is the daughter of industrialist Krishna Kumar Modi and restaurateur Bina Modi and the elder sister of Lalit Modi (who began the Indian Premier League) and Samir Modi. Like her siblings, she brought in useful diversification to the family basket of companies and launched MAII (Modi Academic International Institute), one of the first institutes to provide US-accredited programmes in India. She went into a joint venture with Apollo Hospitals and set up a training centre for qualified nurses. She is presently CEO of MAII and Executive Director of Modi Enterprises and Indofil Industries, the Modi group’s Mumbai-based chemical company. There are no details of the balance in her account opened with the HSBC in 2006.
COMMENT:
Did not respond to calls or messages.
RITU (MAHIMA) CHAUDHRY
BALANCE: Not mentioned
The only actress in the HSBC list, Ritu Chaudhary’s name was changed later to Mahima. She is described as a top model and actress in HSBC records. Balance details of her account are not available. She was born in Darjeeling and got her first big break with the Pepsi advertising campaign. Her first big film was Pardes, directed by Subhash Ghai, for which she won the Filmfare award as a debutante. She is married to Bonny Mukherjee.
COMMENT:
She said she did not know what this matter was about and had no comments to make.
JAGDISH RAI SOOD
BALANCE: Not mentioned
He is Chairman of the Eros Group of companies, a Delhi-based real-estate and hospitality firm involved in several township, corporate towers and shopping mall projects. He constructed Eros Cinema in 1952. In the 1990s, he began launching large hospitality projects, including a large hotel in New Delhi located in Nehru Place and the Shangrila-Eros Hotel in Connaught Place. He continues to steer the group while his sons are in charge of specific projects. No account balance is mentioned in the HSBC data.
COMMENT:
Sood said, “The Income Tax department has gone through everything and done whatever was needed. They contacted me also but found that there was no money in the account.”
OM PRAKASH LOHIA
BALANCE: Not mentioned
He is Chairman and Managing Director of the Indo Rama Group, a major player in textiles, polyesters and industrial chemical trade. In Group companies, he is Managing Director/Chairman of Indo Rama Synthetics; Indo Rama Petrochemicals and Indo Rama Retail Holdings. He is very active in chambers of commerce and labour reform organisations. No details of his account balance are mentioned. Wife Urmila Lohia and son Vishal Lohia (appointed wholetime Director of Group companies) are also holders of accounts in HSBC Geneva.
COMMENT:
Om Prakash Lohia said, “The account was opened by my father M L Lohia who is an NRI and he named us beneficiaries. Besides, there have been no transactions on the account which has been lying dormant. This was explained to the tax department when they contacted us about two years ago.”
Additional Reporting:
Appu Esthose Suresh, Sandeep Singh, Dipankar Ghose, Aniruddha Ghosal and Shalini Narayan, New Delhi; Johnson TA, Bangalore; Rohit Alok and Srinath Rao, Mumbai; Chandan Haygunde, Manoj More, Parthasarthi Biswas and Atikh Rashid, Pune; Mir Ehsan, Srinagar; Arshad Ali, Kolkata; Aditi Raja, Vadodara; Anju Agnihotri Chaba, Jalandhar; Raakhi Jagga, Ludhiana; Vivek Deshpande, Nagpur; Sreenivas Janyala , Hyderabad; Ashwani Sharma, Shimla; Sweta Dutta, Jaipur.
For More:
#SwissLeaks : स्विट्ज़रलैंड में निजी बैंक के हज़ारों खाताधारकों में #INDIAN के नाम भी- #HSBC ने की 'टैक्स चोरी' में खाताधारकों की मदद
#Government Need To Take Immediate #Action On HSBC #Bank Also #Seized It's All #Money
9 Feb 2015
Link: http://kosullaindialtd.blogspot.in/2015/02/swissleaks-indian-hsbc-government-need.html
FULL COVERAGE: SWISS LEAKS BELOW
That’s why to obtain and investigate the Indian names, The Indian Express partnered in a three-month-long global project with the Washington-based International Consortium of Investigative Journalists (ICIJ) and the Paris-based Le Monde newspaper.
The investigation revealed 1,195 Indian HSBC clients, roughly double the 628 names that French authorities gave to the Government in 2011. The new revelation— published today as part of a global agreement — is expected to significantly widen the scale and scope of the ongoing probe by the Special Investigation Team (SIT) appointed by the Supreme Court.
Prominent people on the HSBC list include:
Businessmen
Several top businessmen are HSBC account-holders. They include Mukesh Ambani, Anil Ambani, Anand Chand Burman, Rajan Nanda, Yashovardhan Birla, Chandru Lachhmandas Raheja, Dattaraj Salgaocar, Bhadrashyam Kothari and Shravan Gupta.
Diamond Traders
Top diamond traders of the country, several of whom are now settled abroad, figure on the list, with mostly Mumbai addresses given. Among them, Rusell Mehta, Anoop Mehta, Saunak Parikh, Chetan Mehta, Govindbhai Kakadia and Kunal Shah.
Politicians
There are a few account holders with political connections, most of whom deny having accounts. There is former UPA minister Preneet Kaur, former Congress MP Annu Tandon and family members of former Maharashtra chief minister Narayan Rane — his wife Neelam Narayan Rane and son Nilesh Rane — as well as family members of the late Congress minister Vasant Sathe. Bal Thackeray’s daughter-in-law Smita Thackeray is also listed as an account holder.
NRIs/PIOs
Several prominent names include Swraj Paul, members of Manu Chhabria’s family, Rajendra Ruia/Vimal Ruia and Naresh Kumar Goyal.
HSBC, headquartered in London, when informed about the global investigation, first insisted that the ICIJ destroy its data. Told about the full extent of the reporting team’s findings (106,458 “clients” and data on major politicians, diamond traders, arms dealers and members of drug cartels), HSBC said: “We acknowledge that the compliance culture and standards of due diligence in HSBC’s Swiss private bank, as well as the industry in general, were significantly lower than they are today.”
The bank added that it had refocused this part of its business. “As a result of this repositioning, HSBC’s Swiss private bank has reduced its client base by almost 70% since 2007.”
Probing the names
The hunt for HSBC clients took The Indian Express from Golf Links to Vasant Kunj and Gautam Nagar, all in the capital. In Mumbai, the account holders spread across Napean Sea Road to Ghatkopar, while some have listed addresses in smaller cities such as Phagwara, Kottayam, Srinagar, Ludhiana and Shimla.
Fascinating details are revealed in the list that includes hundreds of NRIs — for instance, 84-year-old stenographer Annie Meneaud, born in Kannur, Kerala, whose account was opened in Dubai and had a balance of $100,020.
Then there are some mysterious HSBC account-opening statements, such as one named “H.G.P” for a Kolkata-born UK citizen who has given a Carlton House Terrace address and, as the statement shows, instructed that all transactions be kept in the bank’s safe deposit box. This 74-year old client’s balance: $133.52 million.
A scrutiny shows there are 276 account holders with at least $1 million in their balance of whom 85 are residing in the country.
Topping the list of account-holders with an India connection is prominent London-based PIO Swraj Paul with a balance of $386 million. The lowest balance is for Gujarat-born UK citizen Naman Sarwar Malik, who has $669 in his account.
The Indian Express was the first to report, on August 7, 2011, that French authorities had handed over details of around 700 HSBC account holders and, as was the case in several countries, a frantic tax chase began.
In November 2012, India Against Corruption, led by Arvind Kejriwal, had released names of some account holders. These new papers now reveal that while he got some names right, his claim regarding the balance in those accounts was way off the mark.
Govt’s action so far
Top officials of the Central Board of Direct Taxes (CBDT) said that undisclosed income to the tune of Rs 3,150 crore ($508 million) has been brought to tax from among HSBC account-holders but pointed out that there were some significant gaps in the data — some 200 accounts with the Government had no balance and 211 of them were of NRIs.
“We are contacting everyone and not leaving this as a presumption. We are putting the onus of proving NRI status during the relevant period on the account-holder,” a senior CBDT official told The Indian Express.
Such updated data is being regularly provided by the CBDT and the SIT to the Supreme Court, and officials said that tax collections, penalties and prosecutions are being chased on war footing.
One issue that has, however, befuddled the CBDT is whether HSBC and its officials too should be brought under scrutiny.
A confidential note dated October 27, 2014, shows that following a video conference on the subject of HSBC collections, the prosecution of HSBC officials was being contemplated.
The note reads, “It has been explained that involvement of HSBC/its officials in opening and operation of the accounts also needs to be identified and reported to the Board… such facts would be extremely important while considering prosecution of HSBC/ its officials as abettors to Indian assessees.”
Several HSBC account-holders contacted by The Indian Express said that they objected to what some described as the “high-handedness’’ of the Income Tax Department.
Kuldip Singh Dhingra, chairman of Berger Paints, for instance, said that he had routed all money in the account through legal channels and despite that he was subjected to a search (around 150 such search operations have been conducted). He has filed a petition in the Delhi High Court as an action of protest. “The IT Department should do its homework before they move in and conduct raids. We strongly object to such treatment.’’
Another industrialist, Jitendra Virwani, chairman of the Embassy Group, said that all his bank accounts had been declared to I-T authorities, but that despite clarifications, the department had told him tax was due for the HSBC account. “I have only paid up to avoid the harassment of prosecution.”
There are many account holders, led by Delh-based industrialist Sanjiv Lamba, who approached the Settlement Commission and obtained immunity from prosecution. Suresh Nanda, himself an NRI, said his brother Paul Nanda and his son Sanjeev Nanda had also approached the Settlement Commission and paid up taxes there.
Until last month, CBDT officials said, 27 HSBC account-holders had paid up penalties and 15 were facing prosecution proceedings for concealment of income in the accounts. The SIT has reportedly been informed that the target number for HSBC account-holders to be prosecuted is 300. But that was based on the list of over 600. Now that the list has doubled, sources said, the scope of the investigation just widened.
Exclusive: Top 100 HSBC account holders with Indian addresses
1. UTTAMCHANDANI GOPALDAS WADHUMAL/family $54,573,535
2. MEHTA RIHAN HARSHAD/ family $53,631,788
3. THARANI MAHESH THIKAMDAS $40,615,288
4. GUPTA SHRAVAN $32,398,796
5. KOTHARI BHADRASHYAM HARSHAD/ family $31,555,874
6. SHAUNAK JITENDRA PARIKH/family $30,137,608
7. TANDON SANDEEP $26,838,488
8. AMBANI MUKESH DHIRUBHAI $26,654,991
9. AMBANI ANIL $26,654,991
10. KRISHNA BHAGWAN RAMCHAND $23,853,117
11. DOST PARIMAL PAL SINGH $21,110,345
12. GOYAL NARESH KUMAR $18,716,015
13. MEHTA RAVICHANDRA VADILAL $18,250,253
14. PATEL KANUBHAI ASHABHAI $16,059,129
15. SACHIV RAJESH MEHTA $12,341,074
16. ANURAG DALMIA/family $9,609,371
17. RAVICHANDRAN MEHTA BALKRISHNA $8,757,113
18. KUMUDCHANDRA SHANTILAL MEHTA/family $8,450,703
19. PATEL RAJESHKUMAR GOVINDLAL/family $6,908,661
20. HEMANT DHIRAJ $6,237,932
21. ANUP MEHTA/family $5,976,998
22. TANDON ANNU $5,728,042
23. SIDHARTH BURMAN $5,401,579
24. SALGOACAR DIPTI DATTARAJ $5,178,668
25. DABRIWALA SURBHIT/family $5,000,000
26. VAGHELA BALWANTKUMAR DULLABHAI $4,405,465
27. DILIPKUMAR DALPATLAL MEHTA $4,255,230
28. KULDIP & GURBACHAN SINGH DHINGRA $4,144,256
29. LAKHANI JAMNA THAKURDAS $4,123,673
30. RAJIV GUPTA $4,113,705
31. SAWHNEY ARMINDER SINGH $3,965,881
32. ISRANI LOVEEN GURUMUKHDAS $3,824,104
33. NATVARLAL BHIMBHAI DESAI/family $3,746,078
34. TULSIANI JAWAHARLAL GULABRAI/family $3,730,145
35. GUPTA RAJIV $3,545,416
36. JAISWAL LADLI PERSHAD $3,496,063
37. CARVAHLO ALOYSIUS JOSEPH $3,313,788
38. PRADIP BURMAN $3,199,875
39. TULSIANI SHAM GULABRAI/family $3,066,991
40. VITHALDAS JANAKI KISHORE $3,031,220
41. KUMAR VENU RAMAN $3,063,064
42. THAKKAR DILIP JAYANTILAL $2,989,534
43. TULSIANI PARTAB GULABRAI $2,901,435
44. ADENWALLA DHUN DORAB/family $2,863,271
45. BURMAN PRADIP $2,831,238
46. TULSIANI NARAINDAS GULBARI $2,818,300
47. DASOT PRAVEEN $2,801,634
48. PATEL LALITABEN CHIMANBHAI $2,741,488
49. CHATHA JOGINDER SINGH $2,732,838
50. SHYAM PRASAD MURARKA $2,546,516
51. DHURVENDRA PRAKASH GOEL $2,488,239
52. NANDA SURESH/family $2,303,713
53. GIDWANI ANAN NELUM $2,228,582
54. PRATAP CHHAGANLAL JOISHER/family $2,209,346
55. MEHTA DEVAUNSHI ANOOP $2,136,830
56. SHAW MOHAMMAD HASEEB/family $2,133,581
57. AHMED rizwan syed/family $2,125,644
58. VINITA SUNIL CHUGANI $2,085,158
59. SAWNEY BHUSHAN LAL $2,043,474
60. PARMINDER SINGH KALRA $2,042,180
61. CHOWDHURY RATAN SINGH $1,987,504
62. DHIRANI VIKRAM $1,915,148
63. NANDA SARDARILAL MATHRADAS $1,824,849
64. WILKINSON MARTHA $1,824,717
65. SAHNEY DEVINDER SINGH $1,763,835
66. TANEJA DHARAM VIR $1,748,541
67. DHINDSA KOMAL $1,597,425
68. CHATWANI TRIKAMJI/family $1,594,114
69. PITTIE MADHUSUDANLAL NARAYANLAL $1,462,594
70. BHARDWAJ ANIL $1,435,781
71. DIPENDU BAPALAL SHAH $1,362,441
72. BHARTIA ALOK $1,349,044
73. SINGH SHUBHA SUNIL $1,348,983
74. DANSINGHANI SHEWAK JIVATSING/family $1,267,743
75. KUMAR DAVINDER/family $1,231,088
76. JASDANWALLA ARSHAD HUSAIN ADAMSI/family $1,229,723
77. JHAVERI HARISH SHANTICHAND/ family $1,191,144
78. SINGHVI GANPAT $1,194,388
79. MILAN MEHTA/family $1,153,957
80. TUKSIANI ASHOK GULABRAI $1,140,890
81. MODI KRISHAN KUMAR $1,139,967
82. GARODIA BISHWANATH $1,071,858
83. JAGASIA ANURADHA ANIL $1,039,648
84. VITHALDAS KISHORE/family $1,020,028
85. CHANDRASHEKAR KADIRVELU BABU/family $1,007,357
86. GALANI DIPAK VARANDMA/family $940,191
87. SAWHNEY ARUN RAVINDRANATH $914,698
88. MERWAH CHANDER MOHAN $909,309
89. PATEL ATUL THAKORBHAI $813,295
90. NATHANI KUMAR SATURGUN $751,747
91. SATHE SUBHASH/family $749,370
92. SHAH ANIL PANNALAL/family $742,187
93. MADHIOK ROMESH $719,559
94. BHAVEN PREMATLAL JHAVERI $717,654
95. KINARIWALA KALPESH HARSHAD $713,340
96. GOKAL BHAVESH RAVINDRA $699,184
97. LAMBA SANJIV $644,923
98. SHOBHA BHARAT KUMAR ASHER $641,387
99. KATHORIA RAKESH KUMAR $589,753
100. BHANSALI ALKESH PRATAP CHANDRA $579,609
The List: Who’s Who & How Much
The information had been given by HSBC itself following negotiations between the bank and Indian Income-Tax authorities.
Mukesh Ambani
Balance: $26.6 mn (Rs 164.92 crore)
Richest Indian industrialist, personal worth over $20 billion. He opened two HSBC accounts in 2001. Average joint balance of $26.6 million in 2006/2007. Data shows account registered under Flag Telecom Group Ltd and Canbar Holding Corporation. There is also an account of Reliance Industries Limited, opened in 2007, with a balance of $ 103.8 million (Rs 638.6 crore). Earlier, following allegations made by India Against Corruption, the company had issued a statement in which they clarified, “These accounts are fully compliant with all regulations and are disclosed in their appropriate jurisdictions and in India.”
COMMENT:
RIL spokesperson stated, “Neither RIL nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.”
Anil Ambani
Balance: $26.6 mn (Rs 164.92 crore)
Younger brother of Mukesh, Anil Ambani took charge of the family empire’s telecom, power, entertainment arms after it split. Had identical balance of $26.6 million as Mukesh in HSBC, same holding companies. Named by India Against Corruption as an account-holder, Anil Ambani issued a statement which “clarified” he had no bank account with HSBC Geneva. Bank scripts attached to the account opening statement showed HSBC personally contacted “client’’ for opening the account in January 2005, and funds were agreed to be deposited in the bank two days later. Mother Kokila Dhirubhai Ambani too has an account in the bank but data provides no details.
COMMENT:
Anil Ambani’s office responded, “Mr Ambani does not have any HSBC overseas account.”
Naresh Kumar Goyal
BALANCE: $18.7mn (Rs 116 crore)
Founder Chairman of Jet Airways, Naresh Goyal opened three accounts in HSBC in 2003 and had a 2006-07 balance of $18.7 million. Detailed internal notes are attached, listing the number of “relationships” the bank has had with Goyal, including the opening of a new account for Tailwinds Ltd. At meetings with bankers in Geneva in September 2005, Goyal discussed the fallout of rulings he got from the cantonal tax department in Switzerland. He wanted all guarantees taken over by HSBC, and other large sums transferred to the bank.
COMMENT:
A spokesperson said, “Mr Naresh Goyal is an NRI. He can have legitimate bank accounts anywhere in the world. Furthermore, he is fully compliant with all his obligations to the tax jurisdictions in India and other countries.”
BURMAN FAMILY
BALANCE: $ 12.5 mn (Rs 77.5 crore)
Data shows the Dabur family had several accounts with HSBC in 2006-07. Chairman Dr Anand Chand Burman and wife Minnie Burman had $803,683. Director Sidharth Burman had seven accounts, with son Saket a joint holder in one account. Sidharth’s brother Pradip Burman had eight accounts, $6.02 million. Records show a Shanti Niketan, New Delhi address.
COMMENT:
Anand Chand Burman (in photo) said, “I have been an NRI since 1999 and pay taxes in the UK. This money was sent out under the remittance scheme and everything has since been explained.” He said it wouldn’t be possible to contact Sidharth Burman since he was undergoing treatment abroad.
ANURAGH DALMIA
BALANCE: $9.6 mn (Rs 59.5 crore)
Vice Chairman of Dalmia (Bros) Pvt Ltd. The flagship companies of the Group are GHCL (Gujarat Heavy Chemicals Limited) and GTC (Golden Tobacco Company). The Group is also into textile manufacture and weaving as well as healthcare. HSBC data shows that Anuragh had four accounts with the bank, opened in 2000, with a combined maximum of $9.6 million in 2006-07. Wife Jayanti is listed as a joint account-holder in one of the accounts and their address in New Delhi’s Tees January Marg is also listed. There are detailed notes from the bankers on investments Anuragh wanted to make during meetings in 2005.
COMMENT:
Anuragh Dalmiya did not respond to calls and messages.
MANU CHHABRIA FAMILY
Balance:
$141 mn
(Rs 874 crore*)
The “takeover tycoon” was mostly based in Dubai. Several family members opened accounts with HSBC Geneva in 2006. They include Manu Chhabria’s wife Vidya Manohar who, after his death in 2002, took charge and consolidated the Jumbo Group. She was helped by daughters Komal Wazir, who now handles the Group’s India operations as well as Shaw Wallace, and Kiran, who has taken charge of Jumbo. HSBC records show that in 2006-07, Vidya Chhabria had a maximum balance of $39.25 million; Komal Wazir Chhabria had four accounts totalling $61.6 million with husband, Rajiv Wazir, a co-account holder in two accounts; and, Kiran Manohar Chhabria had a maximum of $40.15 million.
COMMENT:
Komal Wazir did not respond to calls or messages.
*Conversion rate used: Rs 62 for US $1
MAHESH TIKAMDAS THARANI
Balance: $40.61 mn (Rs 251.7 crore)
An importer of home decoration items, he had a 2006-07 balance of $40.61 million. In 2001, he opened two accounts from Jakarta. A Bangalore address is mentioned in the data but a check showed the house on Berlie Street was sold by Tharani a decade ago. He is listed on trade websites as a Director and licencee of Bill Blass Home Decor and an importer of home decor accessories and items like candles and candle stands. When the account was opened, he showed Indian nationality.
COMMENT:
Could not be contacted for comment.
ANNU TANDON
BALANCE: $5.72 million (Rs 35.8 crore)
Former Congress MP from Unnao Annu Tandon lost the 2014 Lok Sabha elections. She ran an electronics firm earlier for Reliance Industries and was married to Sandeep Tandon, a former Indian Revenue Service officer who worked with Reliance Industries for several years before he died. The account opening statement in her name reveals she had two accounts (opened in 2005) with a joint balance of $5.72 million. Her Mumbai address is given in the records. The HSBC account is not one of the accounts declared by her in her asset declaration to the Election Commission.
COMMENT:
Annu Tandon denied having any such account. “This is something I am very hurt about. I don’t have any accounts besides those in India. My husband is no more and if he opened some accounts, how would I know? All these allegations hurt and pain me.”
DATTARAJ VASSUDEV SALGAOCAR, DIPTI SALGAOCAR
BALANCE: $5.17 million (Rs 32 crore)
He is the owner and Managing Director of V M Salgaocar Group, with interests in iron ore mining, shipping, healthcare and hospitality. He is married to Dipti, sister of Mukesh and Anil Ambani. The family is based in Goa where they are captains of industry and have several philanthropic institutions. All four members of the Salgaocar family have accounts in HSBC. While there is no account balance shown for Dattaraj Salgaocar, his wife had a 2006-07 maximum balance of $5.17 million. There are separate accounts of their children, Vikram and Isheta, but balance amounts are not mentioned.
COMMENT:
Dattaraj Salgaocar said he did not wish to make any comment on the matter.
KULDIP SINGH DHINGRA, GURBACHAN SINGH DHINGRA
BALANCE: $4.14 million (Rs 25.6 crore)
The Chairman of Berger Paints, Kuldip Singh Dhingra, and brother Gurbachan Singh Dhingra, Vice Chairman of the Group, figured in the 2014 Forbes list of wealthiest Indians. They opened four accounts with identical balance in 2005. The name of their company UK Paints (Overseas) is also listed. In 2006-07, they had a combined balance of $4.14 million with detailed notes from bankers on future inflow of funds.
COMMENT:
Kuldip Singh Dhingra said the accounts had been declared to RBI and Ministry of Commerce but they still had to face an income tax search. “The left hand of the government does not know what the right hand is doing. We have filed a writ in the high court objecting to the manner in which we were treated. The Income Tax should not mix up illegitimate account- holders with genuine ones who have already disclosed everything.”
LADLI PERSHAD JAISWAL
BALANCE: $3.49 million (Rs 21.6 crore)
The late Ladli Pershad Jaiswal was the founder of Jagatjit Industries Limited (JIL), one of the largest manufacturers of IMFL (Indian Made Foreign Liquor). The family-owned company’s brands include Aristocrat and Royal Pride whiskeys. Liquor accounts for two-third of the company turnover — food products and packaging make up the rest. Ladli Pershad acquired British citizenship and died in 2005. In the HSBC data, he is shown as an Indian citizen, with a New Delhi address (the house is currently under reconstruction). In 2006-07, his account had a balance of $3.49 million. Ladli Pershad’s sons now manage JIL.
COMMENT:
Family members could not be contacted and were travelling abroad.
SANDEEP TANDON
BALANCE: $26.8 mn (Rs 166.1 crore)
Sandeep Tandon was an officer of the Indian Revenue Service who took voluntary retirement and joined Reliance Industries to head their taxation and liaison units. He became a powerful aide to Mukesh Ambani after the group split though he had investigated alleged money laundering charges. He died in 2010. Records show he had three accounts in HSBC with Mukesh Ambani and Anil Ambani shown as trustees in the list. The balance in the three accounts totalled $26.8 million.
SHRAVAN GUPTA, SHILPI GUPTA
BALANCE: $33.8mn (Rs 209.56 crore)
THE man behind real estate development firm Emaar MGF, Shravan Gupta and wife Shilpi Gupta have three accounts with HSBC Geneva. They have declared the accounts and paid taxes. Shravan Gupta had a balance of $32.3 million in 2006-07, and wife Shilpi, a joint account holder, $1.5 million. The Hyderabad Convention Centre and the Commonwealth Games Village in New Delhi are two well known projects of Emaar MGF. The couple’s Golf Links residence in New Delhi is listed in the HSBC account opening data.
COMMENT:
Shravan Gupta did not respond to calls and text messages.
KUMAR VENU RAMAN
BALANCE: $3.06 million (Rs 18.97 crore)
An Indian Revenue Service officer who took premature retirement to join the Essar Group, Kumar Venu Raman became an angel investor. He was founder and former CEO of MModal Inc, one of the largest clinical documentation technology companies, which he sold to J P Morgan’s private equity arm two years ago. He was also President of Cbay Inc and is currently Chairman and Managing Director of Aeries Group, an investment platform which also manages funds of his family. He continues to be a Director in MModal Inc. In 2006-07, his HSBC Geneva account had $3.06 million.
COMMENT:
Kumar Venu Raman said, “I have been an NRI for almost two decades and all responses and clarifications have been given by my representatives to the tax authorities.’’
BHUSHAN LAL SAWHNEY AND FAMILY
BALANCE: $2.69 million (Rs 16.7 crore) (combined)
The Managing Director of Sawhney Tyres, a tyre manufacturing company, has one of the oldest listed accounts in the HSBC India list. His account was opened in 1970 and its maximum balance in 2006-07 was $2.04 million (Rs 12.64 crore). His wife, Sneh Lata Sawhney, is a joint holder of the account. Son Praveen Sawhney has a separate account. His statement to the Income Tax was one of those released by India Against Corruption. Praveen had a 2006-07 balance of $ 657,161 (Rs 4.07 crore). The correspondence of the bankers attached with the data shows frequent requests from Bhushan Lal Sawhney and Praveen Sawhney for money transfer to other bank accounts, including those in Zurich.
COMMENT:
Praveen Sawhney said, “This is a matter my office and my chartered accountants are dealing with. I have told them that we should be totally willing to cooperate with tax authorities.”
ADM S M NANDA, SURESH NANDA
BALANCE: $2.3 million (Rs 14.2 crore)
Navy chief during the 1971 Indo-Pak war, Admiral S M Nanda’s retirement years were mired in controversy due to the alleged involvement of his son Suresh in defence scandals and grandson Sanjeev in the BMW hit-and-run case. Nanda set up the Crown Corporation for arms contracts and died in 2009 at the age of 93. Data shows accounts in the names of the late Admiral, and sons Suresh and Paul. One company account shows all three as beneficial owners with a 2006-07 balance of $1.34 million; there is another joint account with Suresh: $478,864. Suresh has three other accounts with $478,532.
COMMENT:
Suresh Nanda said, “I have been an NRI since 1987 and declare this to the Income Tax every year. As far as Paul Nanda and Sanjeev Nanda are concerned, they have paid tax before the Settlement Commission where their petitions were admitted.”
BHADRA SHYAM KOTHARI FAMILY
BALANCE: $31.55 mn (Rs 195.6 crore)
This business family from Chennai figures in the HSBC list. Nina Bhadrashyam Kothari is the wife of Bhadra Shyam Kothari, Chairman of the Kothari Group and daughter of the late Dhirubhai Ambani. She is presently a Director in Kothari Petrochemicals, one of the principal companies of the Group. Their daughter Nayantara and son Arjun are listed as account-holders but there are no details. The balance in the account of Nina Bhadrashyam Kothari is shown as $31.55 million. All accounts were opened in 2002 and the family’s Chennai home is listed as the correspondence address.
COMMENT:
Bhadra Shyam Kothari could not be reached for comment. Family members said he was undergoing treatment abroad.
MOHAMMAD HASSEEB SHAW
BALANCE: $2.13 million (Rs 13.2 crore)
A prominent exporter of Kashmiri carpets and pashmina shawls, he is Managing Director of the Srinagar-based Cottage Arts Emporium, which also has a branch in New Delhi. HSBC data shows he opened his account in 1997. He is listed as one who does commerce in carpets and textiles. His father, Shaw Abdul Rashid, is a joint account-holder and they had a $2.13-million maximum balance in 2006-07. Several meetings between HSBC bankers and the two account-holders are listed — they asked for a second safe deposit box abroad and are noted as emptying out one which was stuffed with pashmina shawls.
COMMENT:
Could not be contacted despite repeated visits to their office in Srinagar.
DHARAM VIR TANEJA
BALANCE: $1.75 million (Rs 10.8 crore)
Ninety-year-old retired banker Taneja recently published a book, A Chronology of Men, Matters and Events, which records the pre-Partition days and his experience as a banker. He held the posts of Chairman and Managing Director of the Central Bank of India, Chief General Manager and Vice-Chairman, Executive Committee of the Middle East Bank Ltd in Dubai till 1989. His 2006-07 balance in HSBC records is $1.75 million (Rs 10. 8 crore) and data shows that the account was opened in 2001 in Dubai. His Defence Colony address in New Delhi, where he lives, is listed.
COMMENT:
A family member of Dharam Vir Taneja clarified, “The overseas bank account was disclosed to the RBI from its inception and monies lawfully repatriated to India in 2008 when account was closed. This is a case of fully disclosed income and appropriate assessment orders are awaited.”
ALOK BHARTIA
BALANCE: $1.35 million (Rs 8.37 crore)
Alok Bhartia is Vice-Chairman of Taegu Tec India, a subsidiary of a South Korean manufacturer of tools and instruments. The company was set up in 2000 and has a sizeable share of the market of carbide tools and tooling solutions, especially for the automobile industry. In 2011, billionaire and philanthropist Warren Buffett visited Taegu Tec India’s plant in Bangalore. Buffet is a major investor in Taegu Tec’s holding company in South Korea. Alok Bhartia owns another Bangalore company, Dakshin Foundry, in which wife Alpana is a Director. Both are co-holders of an HSBC account they opened in 2006. The data shows a 2006-07 balance of $1.3 million.
COMMENT:
Did not respond to calls or requests for comments.
BISHWANATH GARODIA
BALANCE: $1.07 million (Rs 6.6 crore)
Garodia is Managing Director of Kolkata-based trellising company Mangal Steel Limited. It has undertaken manufacture and export of farming equipment and highway construction. He and wife Usha, who is also a Director in the company, are joint account-holders in HSBC. They opened an account in 1999. The couple had a 2006-07 balance of $1.07 million. HSBC data lists him as the owner of a production company. Their residence address in Kolkata is listed for correspondence with the bank.
COMMENT:
Garodia said, “We are presently in discussion with the Income Tax Department over this… it is being taken care of.”
BRIJENDRA KUMAR PODDAR
BALANCE: $953,187 (Rs 5.9 crore)
He belongs to a West Bengal business family which deals in petroleum and marketing of petroleum products. He is the owner of a network of petrol pumps and automobile dealerships. His HSBC account, opened in 2005, shows a balance of $953,187. His son, Yash Wardhan Poddar, who is the Honorary Consul of Romania in Kolkata, is listed as a co-account holder.
COMMENT:
Brijendra Poddar said, ”We are dealing with the Income Tax department on this matter. I have no comment to make.”
SUBHASH VASANT SATHE, INDRANI SATHE
BALANCE: $749,370 (Rs 4.64 crore)
Son and daughter-in-law of former Union minister Vasant Sathe who died in 2011. Engaged in the manufacture of automotive parts and plastic components and are Directors in companies such as Sun Vacuum Formers Pvt Ltd and TRW Sun Steering Wheels Pvt Ltd. The manufacturing units are located in Gurgaon, Pune and Manesar. Their joint account with a 2006-07 balance of $749,370 was opened in 2002. Subhash Sathe listed a Gautam Nagar, New Delhi address. Indrani listed an address in Saket, New Delhi, in account-opening documents.
COMMENT:
Subhash Sathe said he had no details of the account. “You must be aware of details but I am not, no one from the tax department has contacted me yet.”
SANJIV LAMBA
BALANCE: $644,923 (Rs 4 crore)
Delhi businessman and owner of Diplomat Hotel, Sanjiv Lamba has diversified into furnishings with a company called Continental Furnishings. Sanjiv and wife Madhulika had an identical 2006-07 balance of $644,923 each. The accounts were opened in 2000. In meetings later with HSBC bankers in New Delhi, Sanjiv discussed further investments “with an Indian flavor.”
COMMENT:
Sanijv Lamba’s chartered accountant said, “My client was one of the first to admit to the Income Tax that he had an account and showed them all banking transactions. Subsequently, he approached the Settlement Commission where his petition was admitted and taxes due were paid up.”
HARSHAVARDHAN NEOTIA, VINOD KUMAR NEOTIA
BALANCE:
$503,000 (Rs 3.1 crore)
Chairman of the Ambuja Neotia Group and co-owner of a Super League football team, Harshavardhan Neotia joined the family concern when the flagship was Ambuja Cement, later sold in 2006. He began concentrating on real estate. Ambuja Neotia is now the largest player in the social housing sector in East India. Harshavardhan is a Padma Shri recipient. Data shows the Neotia family has three accounts in HSBC Geneva. One of the accounts is in the name of his late father, Vinod Kumar Neotia. In 2006-07, it had a maximum balance of $503,000. There is no mention of the balance in his account and that of wife Madhu Neotia.
COMMENT:
Harshavardhan Neotia said, “The accounts were opened by my father who is no more. But I have told the Income Tax authorities that if there is any liability against me or my family, I am willing to pay.”
SURINDER KAPUR
BALANCE: $406.088 (Rs 2.51 crore)
Surinder Kapur is Chairman of Sona Koyo, manufacturer of automobile steering systems and one of the world’s largest precision forging enterprises. He accompanied Prime Minister Narendra Modi on his Japan trip as a representative of the manufacturing sector. HSBC data shows Surinder Kapur opened five accounts with the bank in 1999. He wanted to reshuffle his earlier accounts held in the name of foundations and open a personal account. The maximum balance, collectively shown for the accounts in 2006-07, is $406,088.
COMMENT:
Kapur said, “This is all nonsense. I don’t have any information on this.”
MICHAEL ARAM WOLOHOJIAN
BALANCE: $107,837 (Rs 66.8 lakh)
Well-known metal designer, Wolohojian figures in the India list of HSBC account-holders. He has a base in New Delhi and records show three different addresses in New Delhi’s Green Park, Sujan Singh Park and Greater Kailash areas. He runs the Michael Aram Export Company and is into designing paper products and melamine giftware. HSBC data shows that he opened three accounts with the bank in 1997. Two of them had zero balance while a third had $107,837 in 2006-07.
COMMENT:
Was out of the country and could not be contacted.
SMITA JAYDEV THACKERAY
BALANCE: $103.236 (Rs 64 lakh)
Film producer Smita Thackeray is the daughter-in-law of the late Bal Thackeray of Shiv Sena. Estranged from husband Jaydev, she continued to live in the Thackeray family home “Matoshree”. Bank records show that Smita opened an account with HSBC Geneva from Mumbai in 2002. Her date of birth and passport number are listed. Her profession is described as President of IMPPA (Indian Motion Pictures’ Producers Association) which she was heading then. Records show a maximum balance of $103,236 in 2006-07 in her account.
COMMENT:
She did not respond to calls or messages. Staff at her office said she was busy with her son’s wedding.
DALMIA FAMILY
BALANCE: $74,038 (Rs 45.9 lakh)
Members of the second and third generation of the Dalmia Group — primarily Dalmia Cement — are in the HSBC list. After the death of founder Jai Dayal Dalmia, sons Jai Hari Dalmia and Yadu Hari Dalmia took charge. Several members of the Group’s “family council” and all four are account holders with similar balances and listed office addresses. Jai Hari and Gautam Dalmia had $35,969 as maximum balance each for 2006-07. Yadu Hari Dalmia and Puneet Dalmia had $38,069 each in their accounts.
COMMENT:
Puneet Dalmia said: “The accounts were in compliance with RBI regulations and the amount in them was remitted through authorised dealers. The Income Tax authorities did inquire about them and were satisfied with the answers given.”
JITENDRA VIRWANI
BALANCE: $14,517 (Rs 9 lakh)
Jitendra Virwani is Chairman of Bangalore-based Embassy Group, one of the pioneers in construction of office parks and commercial technology complexes in the country. His projects include Manyata Park and Embassy Golf Links in Bangalore and he is known to pick his tenants — such as IBM, Microsoft and Target — before the projects are completed. The Indian arm of Blackstone invested recently in four of his company’s technology parks. He has figured in the Forbes list of richest Indians and has a penchant for rearing thoroughbreds. He also runs a horse riding academy in Bangalore. He and wife Vandana opened a joint account with HSBC in 2001. The data shows a 2006-07 balance of $14,517. The couple’s Bangalore address is listed in the HSBC data.
COMMENT:
Jitendra Virwani said, “All my international accounts have been declared and before the Income Tax Department, I denied having such an account. But they showed me some papers and calculated that I have to pay up approximately Rs 3.8 lakh. I have paid up but done so under protest so that I do not have to face the harassment of prosecution.”
ASHVIN PRAKASH KUMAR
BALANCE: $4,849 (Rs 3 lakh)
An independent award-winning filmmaker and screen writer, he shot into fame when he became the youngest Indian director to be nominated for an Oscar award in 2005. He has one of the lowest balances among prominent Indians in the HSBC list. The 41-year-old is the son of fashion designer Ritu Kumar and has listed their address at Pushpanjali farms, on the outskirts of Delhi, in HSBC bank records. His account showed a 2006-07 balance of $4,849.
COMMENT:
Ashvin Prakash said, “This (opening of hsbc account) was during my tenure as nri and has been declared to authorities and therefore I do not want to comment further.”
PRENEET KAUR
BALANCE: Not mentioned
Minister in the former UPA government and wife of former Punjab chief minister Amarinder Singh, Preneet Kaur is listed as an account-holder in the data. The only detail mentioned is her date of birth, which matches that in official records. In October 2014, she said the Income Tax Department had contacted her in 2011. ”In keeping with my reply to the I-T Department, I would like to state that I never had, and do not have any bank account(s) overseas in my name with any foreign bank.” No HSBC account is listed in her asset declaration form to the Election Commission.
COMMENT:
Preneet Kaur said, “I am saying what I said before. I do not have any foreign bank account. If you say my date of birth and name match in the records, I don’t know how those details have come up.”
RAJAN PARSHAD NANDA
BALANCE:Not mentioned
Rajan Nanda is Chairman and Managing Director of engineering conglomerate Escorts Ltd. His wife Ritu is the daughter of the late actor Raj Kapoor. In 2007, Nanda appointed son Nikhil as Joint Managing Director of the company who is now in charge of the its diversification bid. HSBC data shows Rajan Nanda opened an account in 2002 under Centerville Consultancy Limited. There are no details of the money in the account.
COMMENT:
Rajan Nanda said, “The tax department contacted me about nine months ago and I appeared before them. They were satisfied with my replies that the monies were sent annually through the official route permitted by the RBI.”
NEELAM NARAYAN RANE,
NILESH RANE
BALANCE: NOT MENTIONED
Data shows that former Maharashtra Chief Minister Narayan Rane’s wife Neelam and elder son Nilesh are HSBC account holders. Neelam runs a hotel chain while Nilesh is his father’s political heir. He has been a Lok Sabha MP. He lost in the 2014 elections. The only details available for Neelam Rane and Nilesh Rane are their dates of birth and their Bandra address, all verified.
COMMENT:
Nilesh Rane said he had no knowledge of the accounts. “I have nothing to do with this. I am not aware of any such accounts.”
YASHOVARDHAN BIRLA
BALANCE: Not mentioned
Chairman of the Yash Birla Group, a conglomerate of 20 companies, Yashovardhan Birla took charge at the young age of 23 when he lost his parents in an air crash. The young Birla scion, a Page 3 regular and a fitness enthusiast, has led the group through a major diversification drive, moving from engineering and machine tools and infrastructure to healthcare, wellness and textile manufacturing. HSBC data provides sketchy details and makes no mention of the money in his account.
COMMENT:
A company chartered accountant said, “We have no assets which are undisclosed under our name except what is required as per Indian laws. We have always complied with the legal system.”
PRADIP KUMAR KHAITAN, HAIGREVE KHAITAN
BALANCE: Not mentioned
They are owners of Khaitan and Company, one of the oldest corporate law firms of repute in the country. The law firm has now expanded to cities outside Kolkata, where they started out. It employs over 300 lawyers. In the HSBC list, Pradip Kumar Khaitan and son Haigreve and their spouses Prabha and Tarulika are listed. No balance is shown for the accounts opened in 2004.
COMMENT:
Pradeep Khaitan said, “The Income Tax department has given us a clean chit since everything was documented and money sent to the HSBC account under the official remittance scheme. The account is in my name as well as other members of the family.”
K RAHEJA CORPORATION FAMILY
BALANCE: Not mentioned
Chandru Lachmandas Raheja is the son of Lachmandas Raheja and Chairman of the K Raheja Corporation, a real estate and hospitality company, which was formed after he parted ways with his siblings in 1996. The group’s first major township project was in Malad, Mumbai, where the company built Mindspace. Another company landmark has been Shoppers Stop in several cities. Lachmandas Raheja, his wife Jyoti and two sons, Ravi Raheja and Neel Raheja, are all holders of individual accounts with HSBC Geneva though no account opening details are given. In 2013, Chandru Raheja and his sons were chargesheeted by the Enforcement Directorate in connection with development of land for the Hypercity project in Mumbai.
COMMENT:
A spokesperson for the Raheja Group said, “All the money in the offshore accounts has been deposited under the Liberalized Remittance Scheme. We were contacted by tax authorities two years ago and all information given. No taxes needed to be paid.”
CHARU BHARTIA MODI
BALANCE: Not mentioned
An entrepreneur, she is the daughter of industrialist Krishna Kumar Modi and restaurateur Bina Modi and the elder sister of Lalit Modi (who began the Indian Premier League) and Samir Modi. Like her siblings, she brought in useful diversification to the family basket of companies and launched MAII (Modi Academic International Institute), one of the first institutes to provide US-accredited programmes in India. She went into a joint venture with Apollo Hospitals and set up a training centre for qualified nurses. She is presently CEO of MAII and Executive Director of Modi Enterprises and Indofil Industries, the Modi group’s Mumbai-based chemical company. There are no details of the balance in her account opened with the HSBC in 2006.
COMMENT:
Did not respond to calls or messages.
RITU (MAHIMA) CHAUDHRY
BALANCE: Not mentioned
The only actress in the HSBC list, Ritu Chaudhary’s name was changed later to Mahima. She is described as a top model and actress in HSBC records. Balance details of her account are not available. She was born in Darjeeling and got her first big break with the Pepsi advertising campaign. Her first big film was Pardes, directed by Subhash Ghai, for which she won the Filmfare award as a debutante. She is married to Bonny Mukherjee.
COMMENT:
She said she did not know what this matter was about and had no comments to make.
JAGDISH RAI SOOD
BALANCE: Not mentioned
He is Chairman of the Eros Group of companies, a Delhi-based real-estate and hospitality firm involved in several township, corporate towers and shopping mall projects. He constructed Eros Cinema in 1952. In the 1990s, he began launching large hospitality projects, including a large hotel in New Delhi located in Nehru Place and the Shangrila-Eros Hotel in Connaught Place. He continues to steer the group while his sons are in charge of specific projects. No account balance is mentioned in the HSBC data.
COMMENT:
Sood said, “The Income Tax department has gone through everything and done whatever was needed. They contacted me also but found that there was no money in the account.”
OM PRAKASH LOHIA
BALANCE: Not mentioned
He is Chairman and Managing Director of the Indo Rama Group, a major player in textiles, polyesters and industrial chemical trade. In Group companies, he is Managing Director/Chairman of Indo Rama Synthetics; Indo Rama Petrochemicals and Indo Rama Retail Holdings. He is very active in chambers of commerce and labour reform organisations. No details of his account balance are mentioned. Wife Urmila Lohia and son Vishal Lohia (appointed wholetime Director of Group companies) are also holders of accounts in HSBC Geneva.
COMMENT:
Om Prakash Lohia said, “The account was opened by my father M L Lohia who is an NRI and he named us beneficiaries. Besides, there have been no transactions on the account which has been lying dormant. This was explained to the tax department when they contacted us about two years ago.”
Additional Reporting:
Appu Esthose Suresh, Sandeep Singh, Dipankar Ghose, Aniruddha Ghosal and Shalini Narayan, New Delhi; Johnson TA, Bangalore; Rohit Alok and Srinath Rao, Mumbai; Chandan Haygunde, Manoj More, Parthasarthi Biswas and Atikh Rashid, Pune; Mir Ehsan, Srinagar; Arshad Ali, Kolkata; Aditi Raja, Vadodara; Anju Agnihotri Chaba, Jalandhar; Raakhi Jagga, Ludhiana; Vivek Deshpande, Nagpur; Sreenivas Janyala , Hyderabad; Ashwani Sharma, Shimla; Sweta Dutta, Jaipur.
For More:
#Government Need To Take Immediate #Action On HSBC #Bank Also #Seized It's All #Money
9 Feb 2015
Link: http://kosullaindialtd.blogspot.in/2015/02/swissleaks-indian-hsbc-government-need.html
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