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 The search came as HSBC prepared to release its annual report on
Monday, in which the bank said it had received a request for
information from Indian tax authorities.
India's cash-strapped government is cracking down on tax evasion as
a means of boosting revenue. In October, it said the state was
prosecuting several individuals on suspicion of having undeclared
assets outside the country.
Its pursuit of Europe's biggest bank comes after details of HSBC's
Swiss private banking operations and top clients were widely
published in the media, sparking regulatory inquiries worldwide that
could result in significant fines.
India, Asia's third-largest economy, is the only Asian nation to
aggressively investigate HSBC relating to allegations of helping
customers pay less tax. The bank's Swiss client list numbered 1,195
wealthy Indians, the Indian Express newspaper reported.
"Tax department officials visited the bank's headquarters last week
in Mumbai, and asked for documents related to this case," said the
person, who was not authorized to speak with media on the matter and
so declined to be identified.
HSBC said, without elaborating, that it is cooperating with Indian
authorities.
On Monday, HSBC's chief executive said allegations about its
Geneva-based private banking arm, raided last week by Swiss
officials and now the subject of a British inquiry, had damaged
HSBC's image and brought "shame" on the bank.
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HSBC said authorities in countries including Belgium, France,
Switzerland, Argentina and India were investigating or reviewing the
local operations of its Swiss private bank in connection with
allegations of tax evasion or tax fraud, money laundering and
unlawful cross-border banking solicitation.
HSBC said there was a high degree of uncertainty regarding the
terms, timing and size of potential penalties.
(Reporting by Sumeet Chatterjee; Editing by Christopher Cushing)
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