HSBC’s Swiss, Dubai arms under govt lens

Jaswinder Singh Baidwan

Akhran da mureed
Staff member
Armed with “sufficient evidence”, Indian tax authorities have issued notices to global banking giant HSBC, warning of prosecution against its Swiss and Dubai arms for allegedly abetting tax evasion by four Indians and their families.
The UK-based HSBC, which also disclosed today ongoing probes by tax authorities from various countries in connection with alleged abetment of tax evasion and money laundering through its Geneva branch, said it was cooperating with the relevant authorities and cautioned of “significant” financial impact as a result of these investigations.
 
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