HSBC India Client Convicted of Hiding Accounts From IRS
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Ashvin Desai, a client of HSBC Holdings Plc and the owner of a medical-device company in San Jose, California, was convicted of tax crimes relating to accounts in India valued at as much as $7.7 million.
Jurors in federal court in San Jose yesterday convicted Desai of all eight counts against him, including filing false tax returns, aiding in preparing false returns and failing to file Reports of Foreign Bank and Financial Accounts, or FBARs, according to court records. Desai owns Prosurg Inc., which makes devices for treating urological and gynecological disorders.