St. Louis, MO - RAJU MUKHI pled guilty to failing to file a report to the IRS on his foreign financial accounts and for filing false tax returns.
United States citizens are required to report income from foreign countries, such as bank accounts, securities and any other financial accounts on their tax returns. If the value is more than $10,000, they are required to file a Report of Foreign Bank and Financial Accounts, Form TD F90-22.1 (FBAR).
According to court documents, Mukhi failed to disclose the existence of Clariden Bank and Goldman, Sachs & Company Bank-Singapore accounts and the income earned in these accounts, to his tax preparers for the years 2006 and 2008. Additionally, Mukhi, failed to file an FBAR disclosing that he had financial accounts in Singapore and Switzerland for years 2007-2010.
"Every honest American who pays his or her taxes should be offended that a select few use anonymous offshore accounts to avoid paying their fair share," said Sybil A. Smith, Special Agent in Charge, IRS Criminal Investigation. "It is our duty to the American taxpayer to use all lawful means to identify and prosecute those who use offshore accounts to evade their taxes."
Mukhi, St. Louis, MO, pled to one felony count of filing false tax returns and one felony count of failure to file reports of foreign bank and financial accounts. He appeared before United States District Judge Audrey G. Fleissig. Sentencing has been set for Jan. 15, 2015.
Each count of filing false tax returns carries a maximum penalty of three years in prison and/or fines up to $100,000; each of the other counts carry a maximum penalty of five years in prison and/or fines up to $250,000. In determining the actual sentences, a Judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.
This case was investigated by Internal Revenue Service-Criminal Investigation. Assistant United States Attorney Dianna Collins is handling the case for the U.S. Attorney's Office.
Source: U.S. Department of Justice, Office of the United States Attorneys
