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Indian American indicted for not reporting India HSBC account Click here to send Gifts to India



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Washington, June 29 (IANS) An Indian American neurosurgeon has been indicted for failing to report to US tax authorities millions of dollars in bank accounts at the HSBC Bank in India and the Bailiwick of Jersey.

Arvind Ahuja of Greendale, Wisconsin, a board-certified neurosurgeon was Tuesday indicted by a federal grand jury in Milwaukee on four counts of wilfully filing materially false tax returns and four counts of failing to file Reports of Foreign Bank and Financial Accounts (FBARs).

According to the indictment, as announced by the Department of Justice and Internal Revenue Service (IRS), Ahuja' HSBC bank account in India had a balance of $8,733,785 in 2009, but he failed to report these bank accounts to the IRS on his 2006-09 tax returns.

The indictment further alleges that Ahuja failed to report more than $1.2 million in interest income that he earned from his HSBC India account and failed to pay the taxes due on that income. For the 2006-09 tax years, Ahuja also failed to file FBARs to report his foreign bank accounts to the Department of the Treasury.

As alleged in the indictment, US citizens have an obligation to report to the IRS on their tax returns.

Each false tax return charge carries a maximum penalty of three years in prison and a $250,000 fine. The failure to file FBAR charges each carry a maximum penalty of 10 years in prison and a $500,000 fine.

A trial date has not yet been set. 


       
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