HSBC gets summons from Indian taxmen

February 24, 2015 12:00 am | Updated 05:48 am IST - LONDON:

Facing a multi-nation probe for “alleged tax evasion, money laundering and unlawful cross-border banking solicitation,” global giant HSBC, on Monday, said it had been served summons by the Indian Income Tax Department.

The bank said it was being probed by tax authorities in many other countries as well with regard to alleged irregularities by its Swiss banking unit and there could be ‘significant’ amounts of fines, penalties and/or forfeitures imposed on it.

Separately, the U.K.-based bank said it had also received ‘subpoenas and requests for information’ from the U.S. and other authorities with respect to certain U.S.—based clients of an HSBC company in India.

This case relates to some NRIs facing investigation in the U.S. for alleged violation of the American tax laws.— PTI

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