Industrialist fined Rs7billion for tax violations

A court in Geneva has reportedly fined Indian industrialist Prakash Hinduja 157 million francs (Rs7Billion) for tax violations.

According to Swiss newspapers Gotham City and Le Temps, the Geneva Court imposed the fine on Hinduja for claiming tax exceptions by showing his Monaco residency, while he was actually living in Geneva.

Two months ago, London and Mauritius newspapers reported the charges by Geneva and Mauritius tribunals against Prakash Hinduja’s son Ajay Hinduja.

The reports flagged the illegalities in holding companies in Mauritius which controls all firms of Hinduja Group. Apart from the alleged violations in Mauritius, Sunday Telegraph of London reported in a case of alleged forgery against billionaire businessman Ajay Hinduja, which has added to the woes of one of India’s richest families.

^{Read the full article at Daily Pioneer}