A client of UK-based bank HSBC pled guilty to tax evasion Wednesday, expanding the U.S. probe into offshore banks that help Americans dodge the taxman.
HSBC client Josephine Bhasin appeared before a magistrate judge in New York to answer charges that she stashed as much as $8.3 million through HSBC's India division. Bhasin becomes the second HSBC client charged this week. According to Reuters, the Justice Department last week demanded thousands more U.S. account names from HSBC in a probe that accuses the bank of helping Americans dodge Uncle Sam, using secret accounts.
These charges come on the heels of testimony from HSBC's first client to plead guilty in the case, Vaibhav Dahake. Dahake last week admitted in United States District Court in New Jersey to conspiring to conceal accounts in India.
Still, HSBC claims that all its tactics are above reproach. The company has issued a statement saying it does not condone tax evasion and that it cooperates with government investigations.
HSBC client Josephine Bhasin appeared before a magistrate judge in New York to answer charges that she stashed as much as $8.3 million through HSBC's India division. Bhasin becomes the second HSBC client charged this week. According to Reuters, the Justice Department last week demanded thousands more U.S. account names from HSBC in a probe that accuses the bank of helping Americans dodge Uncle Sam, using secret accounts.
These charges come on the heels of testimony from HSBC's first client to plead guilty in the case, Vaibhav Dahake. Dahake last week admitted in United States District Court in New Jersey to conspiring to conceal accounts in India.
Still, HSBC claims that all its tactics are above reproach. The company has issued a statement saying it does not condone tax evasion and that it cooperates with government investigations.
