US Targets HSBC Over Offshore Indian Accounts

Law360, New York (April 7, 2011, 10:02 PM EDT) -- The U.S. said Thursday it is continuing its crackdown on undeclared foreign bank accounts, and asked a California federal court to authorize a summons on HSBC Bank USA NA for information about residents who may be hiding accounts in India.

The government filed a petition in the U.S. District Court for the Northern District of California asking the court to allow the Internal Revenue Service to issue a John Doe summons against the bank, according to an announcement from the U.S. Department of Justice on Thursday....
To view the full article, register now.