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February 28, 2014updated 04 Apr 2017 2:28pm

US expands probe against offshore tax evasion to India, Israel and Liechtenstein

The US has expanded its investigations against offshore tax evasion to countries India, Israel and Liechtenstein.

By Verdict Staff

The US has expanded its investigations against offshore tax evasion to countries India, Israel and Liechtenstein.

"While the (Justice) Department’s initial efforts and this hearing have focused on Switzerland, we have expanded our investigations to go after tax cheats and the banks assisting them in India, Israel, Liechtenstein, Luxembourg, and several Caribbean countries," the Deputy Attorney General, James Cole, told a Congressional committee.

Since 2009, the department has publicly charged 73 account holders and 35 professionals with violations arising from their offshore banking activities, and 72 individuals have plead guilty or were convicted at trial, news agency PTI quoted him as saying.

Quoting a US Senate report, The Wall Street Journal claims the US loses about $100 billion annually due to offshore tax evasion.

The decision to bring investments in India under the tax probe may have been prompted by the presence of a large number of Indian origin Americans.

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