Indian American businessman and philanthropist Manoj Bhargava, who was a monk, is now allegedly named as a tax cheat, according to The Wall Street Journal.

Bhargava is known for his 5-Hour Energy caffeine shots, which made him a billionaire. He has given hundreds of millions of dollars to charity and started a lab near his home outside Detroit, where he creates inventions for social welfare. However, the tax authorities in the United States have put him under investigation for tax abuse.

The billionaire has been accused of improperly lowering his tax bill by gifting a $624 million stake in his 5-Hour Energy partnership to a family member of a prominent guru, a Canadian citizen named Indu Rawat, who he befriended during his monk life in India. He then bought it back with an IOU, without ever losing control of the company.

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The Senate Finance Committee claims Bhargava tried to hide his Swiss bank accounts with the help of Rawat, who assisted him with charitable donations to millions in India. Earlier, a&nbsp;report by CNBC&nbsp;claimed that Bhargava was a target in a Senate committee investigation and could face the largest tax penalties in the US.

Bhargava’s tax evasion activities came to light when the authorities launched a broader probe to crack down on billionaires who evaded tax through charitable donations or front people. His activities were revealed due to the pressure on Switzerland banks and other wealth havens to reveal customer data.

Geneva-based Pictet, one of the main banks Bhargava used, shared information about its wealthy clientele after admitting to hiding around $5.6 billion during an investigation.

Bhargava maintains he practices a “zero profit” business model, making money from the rich and giving it to the poor. His spokesperson said that the Indian American businessman&nbsp;is focused on philanthropy and his business, and is compliant with laws, tax regulations and Internal Revenue Service (IRS) guidelines.

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<h2>Who is Manoj Bhargava?</h2>

Manoj Bhargava, 71, was born into a wealthy family in northern India in 1953. He moved to Philadelphia,&nbsp;United States&nbsp;at the age of 14. He attended Princeton University, however, he dropped out after freshman year in the 1970s to live his life as a monk in India, where he lived for over a decade and followed a prominent guru. There he met the son of guru Mahipal, and his wife, Indu Rawat.

He returned to the US and started his business in chemical solutions and medicine. He became successful after he created the 5-Hour Energy drink.

While most of his inventions failed, he positioned himself as a philanthropist, who donated hundreds of millions he earned from his business to help the ones in need. However, he soon became a part of an investigation by tax authorities.&nbsp;

(With inputs from agencies)

Indian American businessman and philanthropist Manoj Bhargava, who was a monk, is now allegedly named as a tax cheat, according to The Wall Street Journal. Bhargava is known for his 5-Hour Energy caffeine shots, which made him a billionaire.

Indian American businessman and philanthropist Manoj Bhargava, who was a monk, is now allegedly named as a tax cheat, according to The Wall Street Journal. Bhargava is known for his 5-Hour Energy caffeine shots, which made him a billionaire. He has given hundreds of millions of dollars to charity and started a lab near his home outside Detroit, where he creates inventions for social welfare. However, the tax authorities in the United States have put him under investigation for tax abuse. The billionaire has been accused of improperly lowering his tax bill by gifting a $624 million stake in his 5-Hour Energy partnership to a family member of a prominent guru, a Canadian citizen named Indu Rawat, who he befriended during his monk life in India. He then bought it back with an IOU, without ever losing control of the company. Also read | US judge orders Boeing and DOJ to clarify diversity policy before ruling on plea The Senate Finance Committee claims Bhargava tried to hide his Swiss bank accounts with the help of Rawat, who assisted him with charitable donations to millions in India. Earlier, a report by CNBC claimed that Bhargava was a target in a Senate committee investigation and could face the largest tax penalties in the US. Bhargava’s tax evasion activities came to light when the authorities launched a broader probe to crack down on billionaires who evaded tax through charitable donations or front people. His activities were revealed due to the pressure on Switzerland banks and other wealth havens to reveal customer data. Geneva-based Pictet, one of the main banks Bhargava used, shared information about its wealthy clientele after admitting to hiding around $5.6 billion during an investigation. Bhargava maintains he practices a “zero profit” business model, making money from the rich and giving it to the poor. His spokesperson said that the Indian American businessman is focused on philanthropy and his business, and is compliant with laws, tax regulations and Internal Revenue Service (IRS) guidelines. Also read | Italy to leverage banks and insurers for €3.5 billion in budget plan Who is Manoj Bhargava? Manoj Bhargava, 71, was born into a wealthy family in northern India in 1953. He moved to Philadelphia, United States at the age of 14. He attended Princeton University, however, he dropped out after freshman year in the 1970s to live his life as a monk in India, where he lived for over a decade and followed a prominent guru. There he met the son of guru Mahipal, and his wife, Indu Rawat. He returned to the US and started his business in chemical solutions and medicine. He became successful after he created the 5-Hour Energy drink. While most of his inventions failed, he positioned himself as a philanthropist, who donated hundreds of millions he earned from his business to help the ones in need. However, he soon became a part of an investigation by tax authorities. (With inputs from agencies)

Indian American billionaire and past monk, investigated for tax abuse

Launching a scathing attack at Congress leader P Chidambaram, the BJP on Sunday accused former Finance Minister of holding assets to the tune of $3 billion in illegal foreign bank accounts.

Calling it the “Nawaz Sharif moment” of the Congress Party, Union Defence Minister Nirmala Sitharaman said that the alleged financial discrepancies can’t be an overlooked by the party and demanded how the former finance minister forgot to reveal details of his family’s foreign investments. She also asked whether Congress president Rahul Gandhi would investigate the matter.&nbsp;

In July 2017, Pakistan Supreme Court disqualified former Prime Minister Nawaz Sharif from holding public office over corruption charges brought to fore by the Panama Papers case.

“Congress president Rahul Gandhi, who is himself out on bail should come out and tell us if he is going to investigate this case involving one of his leaders,” Sitharaman said.

"The present chargesheets are for not disclosing, either partly or fully, immovable assets like the one at Cambridge in the UK worth Rs. 5.37 crore, property worth Rs. 80 lakh in the same country and assets worth Rs.3.28 crore in the US," informed Sitharaman.

“Chidambaram didn’t disclose his investments to the tax authority, violating Black Money Law, which was brought by Modi govt as part of its drive against black money and to prosecute those Indians who have secretly stashed illicit wealth abroad,” she said.

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Under the Black Money Act, 4 chargesheets have been filed against P Chidambaram and his family for possessing and operating several illegal assets and accounts in foreign countries. IT estimates illegal assets held by UPA's FM to be to the tune of 3 Bn dollars! <a href="https://twitter.com/hashtag/BlackMoneyOfPC?src=hash&ref_src=twsrc%5Etfw">#BlackMoneyOfPC</a>
— Amit Shah (@AmitShah) <a href="https://twitter.com/AmitShah/status/995568418978979840?ref_src=twsrc%5Etfw">May 13, 2018</a></blockquote>
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"Under the Black Money Act, 4 charge sheets have been filed against P Chidambaram and his family for possessing and operating several illegal assets and accounts in foreign countries," BJP President Amit Shah tweeted on Sunday, adding that the income tax department estimates illegal assets held by UPA's FM to be to the tune of 3 billion dollars.

Sitharaman claimed that Chidambaram didn't disclose its investments to tax authority, violating Black Money Law.

Launching a scathing attack at Congress leader P Chidambaram, the BJP on Sunday accused former Finance Minister of holding assets to the tune of $3 billion in illegal foreign bank accounts. Calling it the “Nawaz Sharif moment” of the Congress Party, Union Defence Minister Nirmala Sitharaman said that the alleged financial discrepancies can’t be an overlooked by the party and demanded how the former finance minister forgot to reveal details of his family’s foreign investments. She also asked whether Congress president Rahul Gandhi would investigate the matter. In July 2017, Pakistan Supreme Court disqualified former Prime Minister Nawaz Sharif from holding public office over corruption charges brought to fore by the Panama Papers case. “Congress president Rahul Gandhi, who is himself out on bail should come out and tell us if he is going to investigate this case involving one of his leaders,” Sitharaman said. "The present chargesheets are for not disclosing, either partly or fully, immovable assets like the one at Cambridge in the UK worth Rs. 5.37 crore, property worth Rs. 80 lakh in the same country and assets worth Rs.3.28 crore in the US," informed Sitharaman. “Chidambaram didn’t disclose his investments to the tax authority, violating Black Money Law, which was brought by Modi govt as part of its drive against black money and to prosecute those Indians who have secretly stashed illicit wealth abroad,” she said. Under the Black Money Act, 4 chargesheets have been filed against P Chidambaram and his family for possessing and operating several illegal assets and accounts in foreign countries. IT estimates illegal assets held by UPA's FM to be to the tune of 3 Bn dollars! #BlackMoneyOfPC — Amit Shah (@AmitShah) May 13, 2018 × "Under the Black Money Act, 4 charge sheets have been filed against P Chidambaram and his family for possessing and operating several illegal assets and accounts in foreign countries," BJP President Amit Shah tweeted on Sunday, adding that the income tax department estimates illegal assets held by UPA's FM to be to the tune of 3 billion dollars.

Take action on Chidambaram's foreign assets: Sitharaman to Rahul Gandhi

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