Friday, March 1, 2013

HSBC India Client Pleads to Evasion (3/1/13)

Sameer Gupta, a New Jersey resident, pled to an information charging one count of tax evasion.  The announcement for the USAO D-NJ is here.  Gupta diverted corporate business receipts to 17 bank accounts into offshore banks accounts for himself and his family, 6 of which were with HSBC in India.  He also diverted significant amounts into other accounts (there may have been some evasion unrelated to offshore accounts).  In all, he evaded taxes of $1,198,054 in income for 2006 through 2009.

He "agreed to pay a one-time FBAR penalty of $259,045."

"The tax loss resulting from Gupta’s conduct is greater than $200,000 but less than $400,000"

The judge is District Judge Faith Hochberg.  (Wikipedia entry here.)

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