Indian-American jailed for hiding million dollars

July 10, 2013 09:05

A US federal court has sentenced Indian American Sameer Gupta, to 19 months of imprisonment for concealing more than $1.2 million income in various domestic and Indian banks.

The sentencing came after 33-year-old Sameer Gupta, a resident of Edison city in New Jersey pleaded guilty before US Magistrate Judge Patty Shwartz on February 26, 2013, for tax evasion by diverting funds from the wholesale merchandise business, J S Marketers Inc to undisclosed foreign accounts at HSBC in India, among other places.

According to the court documents, Gupta is the 50 per cent owner of J S Marketers, which sells adult paraphernalia to large adult store chains and smaller retail video stores and bodegas.

Between 2006-2009, Gupta diverted $822,916 of the business receipts into 17 different personal bank accounts held in the names of various individuals, including himself and family members.

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