A San Jose, California, man faces charges of tax evasion after failing to report $1.3 million in interest income from HSBC Holdings Plc's India unit, U.S. prosecutors said on Thursday.

Ashvin Desai hid as much as $8.8 million during 2009 in the India operations of the UK banking giant, prosecutors said.

Desai did not report the interest he earned from 2007 to 2009, and he did not report the existence of his accounts to the U.S. government, as he was required to do, they said.

A federal grand jury indicted Desai on Wednesday on three counts of tax evasion, two counts of willfully aiding the preparation of materially false tax returns and three counts of failing to report foreign accounts to the U.S. Treasury Department.

Desai is the latest of several clients of HSBC's India operations to face similar charges. U.S. prosecutors have brought tax-evasion cases this year against clients in New Jersey, New York and Wisconsin, and they demanded potentially thousands of U.S. account names from HSBC.

Separate from failing to report his interest income, Desai prepared tax returns for his two children that failed to report $189,000 in interest from HSBC in India, prosecutors said.

U.S. individual tax filers are required to report interest earned abroad, and to pay any tax due, when they file with the Internal Revenue Service. They also must tell the Treasury Department about foreign accounts worth $10,000 or more.

Attempts to reach a listing for Desai in the San Jose area for comment on Thursday were unsuccessful. Prosecutors describe him as the owner of a medical-device company.

HSBC does not condone tax evasion, and fully supports U.S. efforts to promote the appropriate payment of taxes by U.S. taxpayers. We have no further comment, said Rob Sherman, a spokesman for HSBC-North America.