Wis. man indicted on 8 federal counts of tax fraud

MILWAUKEE — A federal grand jury has indicted a Greendale man on eight counts of tax fraud.

The indictment handed down Tuesday accuses Arvind Ahuja of filing false tax returns and failing to report $8.7 million held in foreign accounts.

The U.S. Department of Justice says Ahuja failed to report the bank accounts to the Internal Revenue Service on four recent tax returns. The DOJ says he also failed to report more than $1.2 million in interest income from the accounts.

Defense attorney Dan K. Webb released a statement saying Ahuja was innocent, and that the government had made a "colossal mistake." Webb says the bank failed to issue documents stating Ahuja's interest income.

The charges carry a maximum penalty of 52 years in prison and a $3 million fine.