Senate Finance Committee chairman Ron Wyden wrote to the Swiss bank Pictet to say a whistleblower had come forward with documents related to Manoj Bhargava.
Billionaire 5-hour Energy entrepreneur Manoj Bhargava maintained allegedly undeclared bank accounts worth hundreds of millions of dollars at the Swiss bank Pictet, a Senate committee chairman wrote in a letter to the bank's managing partner.
Wyden says he has received documents about an alleged scheme to avoid U.S. taxes on a personal fortune largely built on the sale of the tiny bottles of highly caffeinated liquid at retail points of sale across the country. Wyden laid out allegations that "the documents explicitly suggest" Person 1 transferred the funds to a Bahamas entity nominally owned by another person, identified as "Person 2." Yet despite the transfer, the funds allegedly remained under Bhargava's control.Luke MacGregor | Bloomberg | Getty Images
The Wyden letter cited several indicators that Bhargava allegedly controlled the funds that were in the nominal possession of Person 2. Americans are permitted to maintain foreign bank accounts, but they must file so-called FBAR forms with the IRS disclosing the assets, and must pay appropriate related taxes. Bhargava was born in India, but he is a U.S. citizen who conducts business in the suburbs of Detroit.Bhargava created 5-hour Energy in 2003, and in less than a decade he had pushed the product to $1 billion in sales.
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