Vaibhav Dahake, an Indian-American businessman was indicted for conspiring to evade taxes. He allegedly did so by maintaining his assets in offshore banks in the British Virgin Islands and India between 2001 and 2010 without reporting them to the IRS.
The indictment that was returned in New Jersey said that employees of a bank based in England helped Dahake hide his assets. Although the identity of the bank was not revealed in the indictment, according to the Wall Street Journal, insiders say it is HSBC Holdings PLC. The indictment was worded, “This was one of the largest international banks in the world and was headquartered in England.”
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