St. Louis County Man Sentenced On Tax Charges
St. Louis, MO – RAJU MUKHI was sentenced to three years’ probation, ordered to pay full restitution and agreed to a penalty in the amount of $838,439 for 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.
"Hiding income and assets offshore is not tax planning; it's tax fraud," said Sybil Smith, Special Agent in Charge of IRS Criminal Investigation. "We are continuing our work to crack down on offshore tax evasion."
Mukhi, St. Louis, Missouri, pled guilty in October 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 today for sentencing before United States District Judge Audrey G. Fleissig.
This case was investigated by Internal Revenue Service Criminal Investigation. Assistant United States Attorney Dianna Collins handled the case for the U.S. Attorney's Office.