HSBC clients in U.S. tax probe: report

HONG KONG (BestGrowthStock) – Some HSBC Holdings (HSBA.L: ) clients are being investigated by the U.S. Justice Department on suspicion of failing to disclose accounts in India or Singapore, Bloomberg reported on Monday, citing three people it did not identify.

Letters from the Justice Department sent to HSBC (0005.HK: ) clients did not mention the bank by name, but were directed to people with accounts at the bank, the report added, citing unnamed lawyers.

Gareth Hewett, HSBC’s spokesman in Hong Kong, declined to comment.

Earlier this year, the U.S. government charged several former wealthy clients of UBS AG (UBSN.VX: ) after the Swiss bank last year admitted to actively helping U.S. citizens evade taxes overseas. Two clients of HSBC were also charged by U.S. prosecutors with concealing $45 million in unreported bank accounts.

(Writing by Kelvin Soh; editing by Chris Lewis)

HSBC clients in U.S. tax probe: report