United States

HSBC India subsidiary investigated by US government

by moveforward on May 25, 2013

HSBC India subsidiary investigated by US government

HSBC India subsidiary investigated by US government

In a blow for banking giant HSBC it has been revealed that the company is currently at the centre of an investigation by the US tax department in relation to possible evasion of US federal taxes by some customers. The case centres upon alleged individuals living in America who have bank accounts with the company’s India subsidiary under the “NRI services” label.

It is not clear yet whether the US government has any specific individuals in mind or whether it has been alerted to possible general fraudulent activity and potential loss of US tax income by third parties. HSBC has promised to cooperate fully with the investigation and details of a number of individual accounts held by the HSBC India division will be forwarded to the US government. [click to continue…]

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