USA charges HSBC India's client with tax evasion

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USA charges HSBC India's client with tax evasion By TII News Service Nov 18, 2011 , Washington
STEPPING up a concerted drive against tax evasion through offshore routes the US Prosecutors yesterday named a few bank account holders of HSBC Plc's branch in India. They named an NRI Ashvin Desai who has been accused of hiding as much as USD 8.8 million in 2009 in the India operations of the UK-based banker, prosecutors reportedly said. It is reported that a federal grand jury indicted Desai on three points of tax evasion. Desai is the latest of many clients of HSBC's India operations to face such punitive charges.

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