U.S. Tax Officials Seek HSBC India Account Information in Probe
This article is for subscribers only.
An investigation of HSBC Holdings Plc by U.S. tax authorities was stepped up with the government’s request seeking authorization to pursue information on thousands of Americans who may have used accounts in India to evade taxes.
The Internal Revenue Service asked a U.S. judge in Oakland, California, for permission to serve a so-called John Doe summons to get information about Americans using HSBC’s Non-Resident Indians, or NRI, services. The IRS cited the Jan. 26 indictment of client Vaibhav Dahake, who is accused of conspiring with five HSBC bankers to hide Indian accounts from U.S. tax authorities.