Tax Fraud: 7 Billionaires Convicted For Tax Evasion

Bangalore: Most often, rich people are known for blowing away their money on buying luxury cars and jewellery. In a nutshell, they are carefree spenders. A huge sum of money for on the richest is just a matter of small potatoes.

However, keeping this in mind, it would be very hard to digest that there are billionaires who have not paid their taxes and were slapped with heavy amount of fines. These billionaires range from the high street fashion industry to a world famous toy manufacturer.

Let’s take a look at these bloated billionaires who have cheated on paying taxes, listed by Forbes.

1. Domenico Dolce and Steffano Gabbana
Source of wealth: Fashion

Domenico Dolce and Steffano Gabbana were among the biggest tax evaders and they were sentenced to a 20 month prison for the same. However, these two well known fashion personalities have denied it, and said that their Luxembourg-based company, Gado allegedly had not paid 40 million euros of taxes between the year 2003 and 2004.

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