Indian money in Liechtenstein banks

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2014: The names revealed by the Government

Centre gives names of all account holders in Liechtenstein Bank to Supreme Court

PTI| Apr 29, 2014

After resisting for more than three years, the Centre [Government of India] in April 2014 revealed names of 18 people in the Supreme Court who allegedly stashed black money with LST bank in Liechtenstein and against whom prosecution have been launched by the income tax department.

Notwithstanding the Supreme Court order in 2011 to make public the names of account holders in LGT bank received by it in 2009 from German tax authorities, Centre has not done so, drawing the ire of the apex court.

The names, listed in Centre's affidavit, include

a) Mohan Manoj Dhupelia, Ambrish Manoj Dhupelia, Bhavya Manoj Dhupelia, Manoj Dhupelia and Rupal Dhupelia from Ambrunova Trust and Marline Management.

b) Arunkumar Ramniklal Mehta and Harshad Ramnikal Mehta from Dainese Stiftung and Dryade Satiftunf trust

c) KM Mammen from Webster Foundation, Arun Kochhar from Urvashi Foundation and Ashok Jaipuria from Raj Foundation

I-T department found evidence against four members of Manichi Trust — Hasmuk Ishwarlal Gandhi, Chintan Hasmukh Gandhi, Madhu Hasmukh Gandhi and Late Mirav Hasmukh Gandhi.

Prosecution has been initiated against Chandrakant Ishwarlal Gandhi, Rajest Chandrakant Gandhi, Viraj Chandrakant Gandhi and Dhanalaxmi Chandrakant Gandhi from Ruvisha Trust.

The Government of India said that the information regarding deposits/outstanding amounts in the accounts maintained by 12 trusties/entities with LGT bank in Liechtenstein was received by government from German tax authorities in March 2009 under the Indo-Germany Double Taxation Avoidance Convention.

"The 12 trusts/ entities involved 26 individuals of Indian origin. Out of the 26 cases, investigations in 18 cases have been concluded by the I-T department and prosecutions have been launched in 17 cases (one tax payer has expired)," the Government of India said.

Lawyer Jethmalani said reports suggest that Indians alone have parked around Rs 19 lakh crore black money abroad.

See also

Indian money in foreign banks

Indian money in Liechtenstein banks

Sri Lankan money in Swiss banks

Indian money in HSBC, Switzerland<>