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

The Income Tax Department today attached diamantaire Nirav Modi&#39;s four immovable assets, including a farmhouse and a solar power plant, worth Rs 70 crore in connection with a tax evasion probe against him and his companies, officials said.

The department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems, to keep a tab on their entry at all land, air and sea ports in the country.

According to the officials, Modi&#39;s farmhouse in Alibaug, near Mumbai, valued at Rs 13 crore, the 5.24 MW solar power plant spread in 135 acres land in Karjat in Maharashtra&#39;s Ahmednagar district, along with two other properties, have been provisionally attached by the department.

&quot;The total value of these attached assets is Rs 70 crore,&quot; a senior official said.

The department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.

Modi, Choksi and others are being investigated by multiple probe agencies after the Punjab National Bank (PNB) disclosed a fraud, valued at close to UDS 2 billion, wherein they allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders.

Earlier this week, PNB had said the number of unauthorised transactions could go up by more than Rs 1,300 crore from the earlier estimate of Rs 11,400 crore.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.&nbsp;

The IT department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi

The Income Tax Department today attached diamantaire Nirav Modi's four immovable assets, including a farmhouse and a solar power plant, worth Rs 70 crore in connection with a tax evasion probe against him and his companies, officials said. The department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems, to keep a tab on their entry at all land, air and sea ports in the country. According to the officials, Modi's farmhouse in Alibaug, near Mumbai, valued at Rs 13 crore, the 5.24 MW solar power plant spread in 135 acres land in Karjat in Maharashtra's Ahmednagar district, along with two other properties, have been provisionally attached by the department. "The total value of these attached assets is Rs 70 crore," a senior official said. The department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group. Modi, Choksi and others are being investigated by multiple probe agencies after the Punjab National Bank (PNB) disclosed a fraud, valued at close to UDS 2 billion, wherein they allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders. Earlier this week, PNB had said the number of unauthorised transactions could go up by more than Rs 1,300 crore from the earlier estimate of Rs 11,400 crore. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

I-T dept attaches 4 assets of Nirav Modi; look out circular issued

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Indian American billionaire and past monk, investigated for tax abuse

I-T dept attaches 4 assets of Nirav Modi; look out circular issued