The Government has obtained another indictment of one Vaibav Dahake, a U.S. depositor in an offshore financial institution. The indictment is a for a single conspiracy count. The indictment contains the standard allegations -- a U.S. depositor, a tax haven (BVI) entity with bearer shares to hide the activity, an "international bank" (reputed to be HSBC) and a U.S. division of the international bank (this element is standard to date, but perhaps not so standard in the future with other banks who avoided overt U.S. presence). The U.S. division allegedly marketed Indian banking services to U.S. persons of Indian descent. Mr. Dahake allegedly had bank accounts in BVI and India that he did not report on an FBAR.
And, since the Government now seems to be focusing on the enablers, the indictment names 5 alleged bank related co-conspirators -- 3 U.S. bankers and 2 India bankers, all connected with the international bank.
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