Doctor Found Guilty of Failing to Report Overseas Money
Arvind Ahuja was convicted yesterday by a federal court jury in Milwaukee, the Justice Department said today in a statement. He was first indicted in June 2011 as part of a crackdown on offshore tax evasion. The trial began on Aug. 15.
“According to evidence presented at trial, Ahuja transferred millions of dollars from bank accounts in the United States to undeclared bank accounts located in India at HSBC bank,” the department said.
Investing those funds in certificates of deposit, Ahuja earned more than $2.7 million in interest from 2005 through 2009, the U.S. said. He also had an undisclosed account on the Bailiwick of Jersey, an island in the English Channel.
The false tax return charge is punishable by as long as three years imprisonment while the failure to file a Report of Foreign Bank and Financial Accounts carries a top sentence of 10 years. Ahuja is scheduled to be sentenced on Jan. 18.
Defense attorney Dan Webb, chairman of Chicago-based Winston & Strawn LLP, didn’t reply to an e-mailed request for comment on the case.
The case is U.S. v. Ahuja, 11-cr-135, U.S. District Court for the Eastern District of Wisconsin (Milwaukee).
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