U.S. Government Closing in on HSBC Account Holders with Indian Ties and Other Banks

Posted in Press Releases on November 29, 2010 | Share

It is believed by Thorn Law Group that the U.S. Internal Revenue Service and Department of Justice are investigating HSBC in an effort to find U.S. taxpayers who may have evaded taxes by depositing funds into undisclosed accounts with HSBC.

Washington, DC (PRWEBNovember 29, 2010 -- Following their successful investigations into offshore Swiss bank, UBS, and those taxpayers with undisclosed accounts, it is believed the Internal Revenue Service (IRS) and the Department of Justice (DOJ) are investigating HSBC banks in order to find U.S. taxpayers who may have evaded taxes by depositing funds into undisclosed offshore bank accounts in India.

The case of U.S. v. Cohen (case number 10-MJ-06159) seems to have sparked an interest among federal prosecutors. On October 6, 2010, a federal jury in Florida convicted a father and son of hiding a $33 million hotel sale from U.S. tax authorities through an account at HSBC. U.S. tax authorities believe there is a possibility that many more HSBC account holders are doing the same. According to government officials, it is believed that HSBC Indian account holders, and possibly HSBC itself, have been the recent targets of the investigations, just as UBS and its account holders were until recently.

Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts, “believes the investigations into HSBC and other banks in India and Singapore, as well as the undisclosed offshore account holders themselves, will only continue and will intensify in the coming months.”

Thorn emphasizes that, “taxpayers with undisclosed offshore accounts at HSBC and other banks around the world should contact a tax attorney as soon as possible to make sure they are in compliance.” Failure to comply with the proper disclosure requirements and filing requirements may lead to audits, substantial financial penalties and, in some cases, criminal prosecution. Thorn advises that it is especially important for United States taxpayers with accounts at HSBC of Indian dissent to come forward now and come into compliance before the government begins an investigation into their accounts.

If you have an undisclosed offshore account, Thorn Law Group urges you to contact a tax lawyer today. Immediate action and experienced tax law representation is recommended to voluntarily disclose your account in order to avoid criminal prosecution.

For additional information on the news that is the subject of this release, contact Kevin E. Thorn or visit

About Thorn Law Group, PLLC:

Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated international tax and financial problems.

Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC

Thorn Law Group

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