HSBC has been linked a US tax evasion case for allegedly helping a client move money offshore.
New Jersey prosecutors filed charges against Vaibhav Dahake for tax evasion, alleging five unnamed bankers from HSBC helped him open accounts in India from the British Virgin Islands, and move money from the US taxman’s gaze.
The bank told the Independent that it complied with all law in all the jurisdictions it operates, and that the bank was not named as a party to the case.
“HSBC does not condone tax evasion and fully supports the US efforts to promote appropriate payment of taxes by US taxpayers,” a spokesman told the paper.
The authorities are considering a broader investigation into whether the bank helped a number of clients evade tax, according to the report.
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