Global banking giant HSBC is being probed by tax authorities in India, among other countries, for allegedly abetting tax evasion of four Indians and their families.

The company is furnishing details on persons and entities named in the leaked 'Panama Papers', which included several Indians who had violated tax laws using offshore tax havens with the help of Panamanian law firm Mossack Fonseca. 

HSBC said while adding that it is cooperating with the relevant authorities - "There are many factors that may affect the range of outcomes and the resulting financial impact of these investigations and reviews. Due to uncertainties and limitations of these estimates, the penalties could differ significantly from the amount provided." 

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