The U.S. Senate Permanent Subcommittee on Investigations will hold a hearing on a crackdown on offshore tax evasion that has stalled as prosecutors conduct criminal probes of 14 banks, including Credit Suisse Group AG.
A New Jersey businessman who cooperated with prosecutors in a U.S. probe of offshore tax evasion avoided prison for conspiring with five HSBC Holdings Plc bankers to hide Indian bank accounts from authorities.
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 Justice Department is conducting a criminal investigation of HSBC Holdings Plc clients who may have failed to disclose accounts in India or Singapore to the Internal Revenue Service, according to three people familiar with the matter.
HSBC Holdings Plc bankers conspired with a New Jersey businessman to help him hide his bank accounts in India from the U.S. Internal Revenue Service, according to an indictment and people familiar with the matter.
A day after a jury heard recordings of Galleon Group LLC co-founder Raj Rajaratnam thanking Danielle Chiesi for a stock tip, a government agent testified about Rajaratnam’s phone calls, trading dates and stock profits.