London: 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 on Monday 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 is cooperating with the relevant authorities and cautioned of “significant” financial impact as a result of these investigations.
HSBC has been under scanner ever since a leaked list of hundreds of Indian clients of its Geneva branch found its way to the Indian tax authorities. Similar lists made their way to tax authorities in various other countries.
In recent years, the Indian government has stepped up its fight against black money allegedly stashed in Switzerland. There have also been apprehensions that the illicit wealth might have got shifted to other places such as Dubai and tax havens like Bermuda, Cayman Islands and Isle of Man.
Without disclosing the names, HSBC said it had first got summons in Fe-bruary 2015 from Indian tax officials, while fresh notices were issued in August and then in November.
