In October 2014, the U.S. Dept. of Justice obtained a felony plea for one count of filing a false tax return and failure to file FBAR (report of foreign bank account) from Raju Mukhi who failed to disclose Swiss and Singapore offshore bank accounts.
In January 2015, he was fined $838,439 and sentenced to 3 years probation (the court record was sealed but it appears Muhki may be co-operating with the IRS and the U.S. DOJ). It appears that another Swiss Bank, Clariden Leu Bank may also be under IRS investigation.
The IRS stated: “Hiding income and assets offshore is not tax planning, it’s tax fraud.”