Indian tax officials searched the Mumbai headquarters of HSBC Holdings PLC (HSBA.L) last week as part of a probe related to allegations that the bank's Swiss business helped clients dodge taxes, a person with knowledge of the matter said on Tuesday. The search came as HSBC prepared to release its annual report on Monday, in which the bank said it had received a request for information from Indian tax authorities. India's cash-strapped government is cracking down on tax evasion as a means of boosting revenue. Its pursuit of Europe's biggest bank comes after details of HSBC's Swiss private banking operations and top clients were widely published in the media, sparking regulatory inquiries worldwide that could result in significant fines.
via Business News http://ift.tt/1w6GEak
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