New Jersey taxpayer indicted for offshore accounts
Vaibhav Dahake, a New Jersey businessman, was indicted this week on charges that he hid his earnings from the federal government in offshort bank accounts in India and the British Virgin Islands.
Vaibhav Dahake, a New Jersey businessman, was indicted this week on charges that he hid his earnings from the federal government in offshort bank accounts in India and the British Virgin Islands.
Prosecutors say Dahake used the accounts from 2001to 2010, which were maintained by an England-based bank.
The case marks the first time a taxpayer has been charged with hiding an account in India to avoid income tax payments, The Wall Street Journal reports. In addition, the indictment alleges other employees of HSBC Holdings conspired to assist Dahake in the hiding of the undeclared funds.
"Those who attempt to hide their assets and income in offshore accounts, and those who aid them in doing so, by now should realize that no bank offering such services will be a safe haven from the IRS," U.S. Assistant Attorney General John DiCicco said in a statement.
In recent months, the IRS has put increased pressure on offshore tax evaders as part of an effort to collect more revenue and help reduce the federal deficit. Late last year, the U.S. Justice Department settled with Swiss bank UBS to obtain the information of individuals suspected of hiding funds from the government.
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