U.S. Billionaire Manoj Bhargava Allegedly Evaded Taxes
March 21, 2024
Manoj Bhargava allegedly hid hundreds of millions of dollars at Swiss bank Pictet, according to documents cited by U.S. Senator Ron Wyden in a letter sent today to the bank’s managing partner, CNBC reported.
The letter states that investigators of the Senate Finance Committee, chaired by Wyden, “have reviewed evidence including bank records documenting highly suspicious transfers between Pictet accounts. That includes $255 million transferred out of accounts belonging to a U.S. billionaire and into accounts nominally owned by a known associate of the U.S. billionaire. However, evidence reviewed by the committee indicates that the U.S. billionaire retained effective control of the funds and continued to receive correspondence pertaining to the funds…”
Wyden’s letter did not identify the billionaire, referring him to instead as “Person 1”, a U.S. citizen and resident. According “to a source familiar with the investigation and documents reviewed…Bhargava was the account holder at issue,” CNBC reported.
In 2013, Bhargava, 71 years old, had a net worth of $1.5 billion according to Forbes. He made his fortune selling 5-Hour Energy drinks, which are small bottles of grape, raspberry, and other flavored liquids with high concentration of caffeine.
The company’s site, which sells directly to consumers, says good times to consume the liquids is during sports, while traveling and in the morning, instead of coffee. The drinks also have wide distribution in stores across the U.S., with two bottles, of two ounces each, retailing for $5.99 on CVS.com.
In addition to being highly addictive, caffeine infused drinks pose a danger to health. Even “small dosages of a highly concentrated product could lead to dangerous effects,” the FDA notes. “…a half cup of a liquid highly concentrated caffeine product contains the equivalent of more than 20 cups of coffee. These are toxic amounts that can have serious health consequences, including death.”
In 2012, the Food and Drug Administration (FDA) began investigating 13 deaths and 33 hospitalizations linked to consumption of 5-Hour Energy, CNN reported.
Bhargava reportedly grew up in Lucknow, India; he dropped out of Princeton University, 1972-73.
In his letter, Wyden also stated that he seeks “to better understand why Pictet only paid a paltry penalty of just $122.9 million, despite admitting to tax fraud involving over $5.6 billion worth of undeclared offshore accounts.”
“According to records reviewed by the Committee, Person 1 has been a Pictet client for at least fifteen years,” Wyden stated in his letter. He added that, ignoring the advice of his lawyers, Person 1 “declined to make a voluntary disclosure” to the U.S. tax authorities and that federal investigators opened a criminal investigation into the matter.
An attorney for Bhargava told CNBC he had no comment on the letter.
FOR UNIQUE STORIES EACH WEEK SUBSCRIBE VIA SUBSTACK. Or email: gitimescontact@gmail.com
(c) All rights reserved. Copyright under United States Laws
