An indictment alleges 5 bankers from HSBC (HBC) assisted an American in hiding his Indian bank...

|About: HSBC Holdings PLC (HSBC)|By:, SA News Editor

An indictment alleges 5 bankers from HSBC (HBC) assisted an American in hiding his Indian bank accounts from the IRS. A division of the bank, NRI services, supposedly encouraged Indian-Americans to open undeclared accounts in India. “HSBC does not condone tax evasion," says a statement from the bank.