An Indian-origin former leader of a now defunct Hindu temple in Georgia has been sentenced to 27 years in prison for committing bank and tax frauds, money laundering and using the temple’s income to fund his personal lifestyle. Annamalai (49), also known as Swamiji Sri Selvam Siddhar, was in August last convicted for bank and […]

The heir to the Nina Ricci perfume dynasty has been sentenced to three years in prison, two of them suspended, after being convicted on Monday of hiding money from the French taxman with the help of HSBC. A Paris court also fined Arlette Ricci €1m (£722,000) after declaring she had shown a “particularly determined willingness […]

HSBC said in a statement Thursday that French magistrates ordered a formal criminal investigation (“mise en examen”) into HSBC’s Swiss Private Bank for alleged tax-related offenses. The statement said bail of €1 billion ($1.075 billion) was imposed. “HSBC Holdings plc believes the French magistrates’ decision is without legal basis and the bail is unwarranted and […]