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| | [[File: MAHIMA CHAUDHRY2.jpg|’Top model and actress’ [[Mahima Chaudhry]] denied having knowledge of any account in HSBC, Switzerland. <br/> When news broke that [[Mahima Chaudhry]]—and not some Chopra, Khan or Kanth ''saar''—was Filmistan’s sole representative on Swiss Leaks' list of Indians with accounts with the Swiss HSBC, Filmistan was amused rather than impressed, envious or, heaven forbid, sanctimonious. <br/> ‘Mahima Swiss’ jokes went viral. Among them were: <br/> ''Mahima Chaudhary has black money??? How much was she paid for ''Pardes'' that it has lasted 17 years'' [almost 18 years, actually] ''and she still has some stashed away!'' and <br/> ''Now for sure these Swiss accounts have no minimum balance criteria. RT @Truly Monica: Mahima Chaudhary has a Swiss bank account!!!'' <br/> These cuts were slightly unkind, because Mahima’s A+ debut with ''Pardes '' (1997) was followed by more than ten A list film roles in a career that did reasonably well till 2002. (Her complete Filmography can be seen at [http://indpaedia.com/ind/index.php/Mahima_Chaudhry Mahima Chaudhary]) <br/> But, yes, the point of all these jokes remains: '' Mahima Chaudhary has a Swiss bank account???'' |frame|500px]] | | [[File: MAHIMA CHAUDHRY2.jpg|’Top model and actress’ [[Mahima Chaudhry]] denied having knowledge of any account in HSBC, Switzerland. <br/> When news broke that [[Mahima Chaudhry]]—and not some Chopra, Khan or Kanth ''saar''—was Filmistan’s sole representative on Swiss Leaks' list of Indians with accounts with the Swiss HSBC, Filmistan was amused rather than impressed, envious or, heaven forbid, sanctimonious. <br/> ‘Mahima Swiss’ jokes went viral. Among them were: <br/> ''Mahima Chaudhary has black money??? How much was she paid for ''Pardes'' that it has lasted 17 years'' [almost 18 years, actually] ''and she still has some stashed away!'' and <br/> ''Now for sure these Swiss accounts have no minimum balance criteria. RT @Truly Monica: Mahima Chaudhary has a Swiss bank account!!!'' <br/> These cuts were slightly unkind, because Mahima’s A+ debut with ''Pardes '' (1997) was followed by more than ten A list film roles in a career that did reasonably well till 2002. (Her complete Filmography can be seen at [http://indpaedia.com/ind/index.php/Mahima_Chaudhry Mahima Chaudhary]) <br/> But, yes, the point of all these jokes remains: '' Mahima Chaudhary has a Swiss bank account???'' |frame|500px]] |
| | [[File: hsbc chart.jpg| HSBC, Geneva: Some prominent Indian account holders and their version. [http://epaperbeta.timesofindia.com/Gallery.aspx?id=10_02_2015_014_005_012&type=P&artUrl=1195-Swiss-bank-accounts-operated-by-Indians-held-10022015014005&eid=31808 ''The Times of India'']|frame|500px]] | | [[File: hsbc chart.jpg| HSBC, Geneva: Some prominent Indian account holders and their version. [http://epaperbeta.timesofindia.com/Gallery.aspx?id=10_02_2015_014_005_012&type=P&artUrl=1195-Swiss-bank-accounts-operated-by-Indians-held-10022015014005&eid=31808 ''The Times of India'']|frame|500px]] |
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| | |colspan="0"|<div style="font-size:100%"> | | |colspan="0"|<div style="font-size:100%"> |
| − | | + | This is a collection of articles archived for the excellence of their content.<br/> |
| − | This page is a summary of a three-month-long global project (2014-15)<br/> of the Washington-based International Consortium <br/> of Investigative Journalists (ICIJ), the '' Indian Express '' and ''Le Monde '' .<br/> | + | Additional information may please be sent as messages to the Facebook <br/>community, [http://www.facebook.com/Indpaedia Indpaedia.com]. All information used will be gratefully <br/>acknowledged in your name. |
| | </div> | | </div> |
| | |} | | |} |
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| | [[Category:India|S]] | | [[Category:India|S]] |
| | [[Category: Economy-Industry-Resources|S]] | | [[Category: Economy-Industry-Resources|S]] |
| | [[Category:Crime|S]] | | [[Category:Crime|S]] |
| | [[Category:Pakistan|S]] | | [[Category:Pakistan|S]] |
| − | =The List: Who’s Who & How Much= | + | =Statistics= |
| − | [http://indianexpress.com/article/india/india-others/the-list-whos-who-how-much/ Ritu Sarin |Indian Express] New Delhi | February 9, 2015 | + | ==2015== |
| | + | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Govt-lacks-seriousness-on-stashed-cash-Whistleblower-03112015010019 ''The Times of India''], Nov 03 2015 |
| | | | |
| − | Additional Reporting:
| + | ''' Govt lacks seriousness on stashed cash: Whistleblower ''' |
| | | | |
| − | Appu Esthose Suresh, Sandeep Singh, Dipankar Ghose, Aniruddha Ghosal and Shalini Narayan, New Delhi; Johnson TA, Bangalore; Rohit Alok and Srinath Rao, Mumbai; Chandan Haygunde, Manoj More, Parthasarthi Biswas and Atikh Rashid, Pune; Mir Ehsan, Srinagar; Arshad Ali, Kolkata; Aditi Raja, Vadodara; Anju Agnihotri Chaba, Jalandhar; Raakhi Jagga, Ludhiana; Vivek Deshpande, Nagpur; Sreenivas Janyala , Hyderabad; Ashwani Sharma, Shimla; Sweta Dutta, Jaipur.
| + | ''Man who leaked HSBC list says a lot of info hasn't been used'' |
| | | | |
| − | For a detailed account please follow this link to the [http://indianexpress.com/article/india/india-others/the-list-whos-who-how-much/ Indian Express|] website.
| + | Claiming that “millions of crores worth of illicit funds“ were flowing out of India, HSBC whistleblower Hervé Falciani said he was willing to cooperate with investigative agencies on tracing black money, but felt “disappointed“ by the response so far. |
| | | | |
| − | '' The information had been given by HSBC itself following negotiations between the bank and Indian Income-Tax authorities. '' | + | Falciani is facing charges in Switzerland of leaking bank account details from HSBC's Geneva branch -a list that reached the French government and was subsequently shared with New Delhi because it listed accounts of Indians who had stashed funds abroad. |
| | | | |
| − | The names [of Indians with accounts in HSBC Switzerland] include those of businessmen, politicians and their families.
| + | “We are not here to talk about merely figures, but about possible solutions,“ Falciani said, adding that there is a “lot of information that has not been used by the Indian authorities“. |
| | | | |
| − | ==A==
| + | Falciani said he would require protection if he were to assist the authorities in India. Falciani has in recent months written to India twice offering his assistance in the black money probe. In April, he wrote to PM Modi, while in August he wrote to special investigation team (SIT) chief Justice M B Shah (Retd). He, however, said he was disappointed with the response and “lack of seriousness of the Indian government“. |
| − | ''' Anil Ambani and Mukesh Ambani. '''
| + | |
| | | | |
| − | ''' Anil Ambani '''
| + | Earlier in 2015, he had hinted that he possessed addi tional information on the lines of the list of 628 Indian entities holding accounts with the bank in Geneva. In the letter dated August 21, 2015, Falciani said,“There is an urgent need to focus... on unravelling the role of financial intermediaries. The investigation must not be restricted to interrogating clients just to find out how much they have in accounts but also how they proceeded. If this is not done, status quo will prevail as far as the black money problem in India is concerned.“ |
| | + | In his letter, Falciani had apparently said that the then SIT adviser K V Chowdary had met him in Paris in December, 2014, with regard to seeking assistance. |
| | | | |
| − | Balance: $26.6 mn (Rs 164.92 crore)
| + | ==2016: Indian money in Swiss banks at Rs 4,500 crore== |
| | + | [http://timesofindia.indiatimes.com/business/india-business/indians-money-in-swiss-banks-hit-record-low-of-676-mn-francs/articleshow/59373485.cms Indians' money in Swiss banks hit record low at Rs 4,500 crore , Jun 29, 2017: The Times of India] |
| | | | |
| − | Had identical [to his brother Mukesh's] balance of $26.6 million as Mukesh in HSBC, same holding companies.
| |
| | | | |
| − | Anil Ambani issued a statement which “clarified” he had no bank account with HSBC Geneva. Bank scripts attached to the account opening statement showed HSBC personally contacted “client’’ for opening the account in January 2005, and funds were agreed to be deposited in the bank two days later. Mother Kokila Dhirubhai Ambani too has an account in the bank but data provides no details.
| + | ''' HIGHLIGHTS ''' |
| | + | |
| | + | The total money of Indians fell by 45% during 2016 |
| | + | |
| | + | The issue of black money has been a matter of big debate in India and Switzerland. |
| | + | |
| | + | Swiss banks have also said Indians have "few deposits" in Swiss banks compared to other global financial hubs |
| | | | |
| − | Anil Ambani’s office responded, “Mr Ambani does not have any HSBC overseas account.”
| |
| | | | |
| − | ''' Mukesh Ambani ''' | + | ZURICH/NEW DELHI: Money parked by Indians in Switzerland's banks nearly halved to 676 Swiss francs (about Rs 4,500 crore) in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls. |
| | | | |
| − | Balance: $26.6 mn (Rs 164.92 crore)
| + | In comparison, the total funds held by all foreign clients of Swiss banks somewhat rose to CHF 1.42 trillion or about Rs 96 lakh crore (from CHF 1.41 trillion a year ago). |
| | | | |
| − | He opened two HSBC accounts in 2001. Average joint balance of $26.6 million in 2006/2007. Data shows account registered under Flag Telecom Group Ltd and Canbar Holding Corporation. There is also an account of Reliance Industries Limited, opened in 2007, with a balance of $ 103.8 million (Rs 638.6 crore).
| + | The total funds held by Indians directly with Swiss banks stood at CHF 664.8 million at the end of 2016, while the same held through fiduciaries was nearly $11 million, as per the latest data published today by the country's central banking authority SNB (Swiss National Bank). |
| | | | |
| − | RIL spokesperson stated, “Neither RIL nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.”
| + | The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds. |
| | | | |
| − | ==B==
| + | This included nearly CHF 377 million in form of customer deposits, about CHF 98 million owed to Indians through other banks and CHF 190 million in form of other 'liabilities'. |
| − | ''' ALOK BHARTIA '''
| + | |
| | | | |
| − | BALANCE: $1.35 million (Rs 8.37 crore)
| + | The figures fell sharply across all categories last year, the SNB data showed. |
| | | | |
| − | Taegu Tec India: Wife Alpana and he are co-holders of an HSBC account they opened in 2006. The data shows a 2006-07 balance of $1.3 million.
| + | This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1987 and marks the third straight year of decline. |
| | | | |
| − | ''' YASHOVARDHAN BIRLA '''
| + | The funds held through fiduciaries or wealth managers alone used to be in billions till 2007 but has been falling amid fears of regulatory crackdown. |
| | | | |
| − | BALANCE: Not mentioned
| + | The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but has now come down to nearly one-tenth of that level in about a decade. |
| | | | |
| − | Yash Birla Group. HSBC data provides sketchy details and makes no mention of the money in his account.
| + | The quantum of these funds has been falling since then, except for in 2011 and in 2013 when Indians' money had risen by over 12 per cent and 42 per cent, respectively. |
| | | | |
| − | A company chartered accountant said, “We have no assets which are undisclosed under our name except what is required as per Indian laws. We have always complied with the legal system.”
| + | As per the available data since 1987, the earlier lowest ever figure was recorded in 1995 at CHF 723 million. |
| | | | |
| − | ''' BURMAN FAMILY '''
| + | The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check the black money menace. |
| | | | |
| − | BALANCE: $ 12.5 mn (Rs 77.5 crore)
| + | While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange from next year. |
| | | | |
| − | Data shows the Dabur family had several accounts with HSBC in 2006-07. Chairman Dr Anand Chand Burman and wife Minnie Burman had $803,683. Director Sidharth Burman had seven accounts, with son Saket a joint holder in one account. Sidharth’s brother Pradip Burman had eight accounts, $6.02 million. Records show a Shanti Niketan, New Delhi address.
| + | There have been several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks. |
| | | | |
| − | Anand Chand Burman said, “I have been an NRI since 1999 and pay taxes in the UK. This money was sent out under the remittance scheme and everything has since been explained.”
| + | The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland. |
| − | ==C==
| + | |
| − | '''RITU (MAHIMA) CHAUDHRY '''
| + | |
| | | | |
| − | BALANCE: Not mentioned
| + | SNB's official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. |
| | | | |
| − | Described as a top model and actress in HSBC records. Balance details of her account are not available.
| + | There is a view that the Indians alleged to have parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global clampdown began on the mighty banking secrecy practices in Switzerland. |
| | | | |
| − | She said she did not know what this matter was about and had no comments to make.
| + | Swiss banks have also said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace. |
| | | | |
| − | ''' MANU CHHABRIA FAMILY '''
| + | On directions of the Supreme Court, India has also constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland. |
| | | | |
| − | Balance: $141 mn (Rs 874 crore*)
| + | A number of strategies have been deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which include enactment of a new law to tackle stashing of black money abroad, amendments in the anti-money laundering Act and compliance windows for people to declare their hidden assets. |
| | | | |
| − | Mostly based in Dubai. Several family members opened accounts with HSBC Geneva in 2006. They include Manu Chhabria’s wife Vidya Manohar. HSBC records show that in 2006-07, Vidya Chhabria had a maximum balance of $39.25 million; daughter Komal Wazir Chhabria had four accounts totalling $61.6 million with her husband, Rajiv Wazir, a co-account holder in two accounts. Another daughter Kiran Manohar Chhabria had a maximum of $40.15 million.
| + | The Income Tax department had also detected over Rs 13,000 crore black money post investigations on global leaks about Indians stashing funds abroad and has launched prosecution against hundreds of entities, including those with accounts in Geneva branch of HSBC. |
| − | ==D==
| + | |
| − | ''' ANURAGH DALMIA '''
| + | |
| | | | |
| − | BALANCE: $9.6 mn (Rs 59.5 crore)
| + | The taxmen had detected Rs 8,186 crore of undisclosed income against those whose names figured in the HSBC list that was obtained by India in 2011 through the French government. |
| | | | |
| − | HSBC data shows that Anuragh had four accounts with the bank, opened in 2000, with a combined maximum of $9.6 million in 2006-07. Wife Jayanti is listed as a joint account-holder in one of the accounts and their address in New Delhi’s Tees January Marg is also listed. There are detailed notes from the bankers on investments Anuragh wanted to make during meetings in 2005.
| + | Out of the total 628 cases under this list, the department got "actionable" evidence in 415 cases and assessments have been completed in 398 cases. |
| | | | |
| − | ''' DALMIA FAMILY '''
| + | The Enforcement Directorate (ED) has also begun taking action, including seizure of properties, of those named in the HSBC list under a new clause in the the Foreign Exchange Management Act (FEMA). |
| | | | |
| − | BALANCE: $74,038 (Rs 45.9 lakh)
| + | Earlier this month, Switzerland ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money even as it sought strict adherence to confidentiality and data security. |
| | | | |
| − | Dalmia Cement. Jai Hari and Gautam Dalmia had $35,969 as maximum balance each for 2006-07. Yadu Hari Dalmia and Puneet Dalmia had $38,069 each in their accounts.
| + | Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said on June 16 that the implementation is planned for 2018 and the first set of data should be exchanged in 2019. |
| | | | |
| − | Puneet Dalmia said: “The accounts were in compliance with RBI regulations and the amount in them was remitted through authorised dealers. The Income Tax authorities did … were satisfied with the answers given.”
| + | The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange would begin. |
| | | | |
| − | ''' KULDIP SINGH DHINGRA, GURBACHAN SINGH DHINGRA '''
| + | As per the draft notification approved by the council, the decision is not subject to any referendum -- which means there should be no further procedural delay in its implementation. |
| | | | |
| − | BALANCE: $4.14 million (Rs 25.6 crore)
| + | The issue of black money has been a matter of big debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians. |
| | | | |
| − | Kuldip Singh Dhingra, and brother Gurbachan Singh Dhingra (Berger Paints) opened four accounts with identical balance in 2005. The name of their company UK Paints (Overseas) is also listed. In 2006-07, they had a combined balance of $4.14 million with detailed notes from bankers on future inflow of funds.
| + | Earlier in 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to CHF 1,217.6 million (over Rs 8,000 crore). |
| | | | |
| − | Kuldip Singh Dhingra said the accounts had been declared to RBI and Ministry of Commerce but they still had to face an income tax search. “We have filed a writ in the high court objecting to the manner in which we were treated. The Income Tax should not mix up illegitimate account- holders with genuine ones who have already disclosed everything.”
| + | At the end of 2015, the total funds held in Swiss banks by Indians directly stood at CHF 1,206.71 million (down from CHF 1,776 million a year ago), while the money held through 'fiduciaries' or wealth managers was down at CHF 10.89 million (from CHF 37.92 million at 2014-end). The total stood at CHF 1,814 million at the end of 2014. |
| − | ==G==
| + | |
| − | ''' BISHWANATH GARODIA '''
| + | |
| | | | |
| − | BALANCE: $1.07 million (Rs 6.6 crore)
| + | The total "amounts due to customers' savings and deposit accounts" fell from CHF 425.8 million at 2015-end to CHF 376.97 million, while the money held through other banks declined from CHF 270.4 million to CHF 97.8 million (after more than doubling during the previous year). |
| | | | |
| − | Mangal Steel Limited. He and wife Usha are joint account-holders in HSBC. They opened an account in 1999. The couple had a 2006-07 balance of $1.07 million. Their residence address in Kolkata is listed for correspondence with the bank.
| + | The 'other liabilities' of Swiss banks towards Indian clients, which include funds held through securities etc, declined from CHF 510.4 million to CHF 190 million. |
| | + | As per the SNB data, the total money held in Swiss banks by all their foreign clients from across the world however rose from CHF 1.41 trillion (USD 1.45 trillion or about Rs 98 lakh crore) to CHF 1.42 trillion ($1.48 trillion) in 2016. |
| | | | |
| − | ''' Naresh Kumar Goyal '''
| + | The total assets of Swiss banks in India fell from CHF 4.8 billion in 2015 to CHF 3.9 billion in 2016. This does not include any tangible assets like real estate and properties, while the amount due to Swiss banks from their customers stood at about CHF 407 million (down from CHF 570 million in 2015). |
| | | | |
| − | BALANCE: $18.7mn (Rs 116 crore)
| + | ==2020== |
| | + | [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F06%2F18&entity=Ar01408&sk=0D5CD84F&mode=text June 18, 2021: ''The Times of India''] |
| | | | |
| − | Jet Airways. Naresh Goyal opened three accounts in HSBC in 2003 and had a 2006-07 balance of $18.7 million. Detailed internal notes are attached, listing the number of “relationships” the bank has had with Goyal, including the opening of a new account for Tailwinds Ltd. At meetings with bankers in Geneva in September 2005, Goyal discussed the fallout of rulings he got from the cantonal tax department in Switzerland. He wanted all guarantees taken over by HSBC, and other large sums transferred to the bank.
| + | Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland’s central bank showed. |
| | | | |
| − | A spokesperson said, “Mr Naresh Goyal is an NRI. He can have legitimate bank accounts anywhere in the world. Furthermore, he is fully compliant with all his obligations to the tax jurisdictions in India and other countries.”
| + | The increase in aggregate funds of Indians with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. These are official figures reported by banks to the Swiss National Bank and do not indicate the quantum of the muchdebated alleged black money held by Indians in Switzerland. |
| | | | |
| − | ''' SHRAVAN GUPTA, SHILPI GUPTA '''
| + | These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities. PTI |
| | | | |
| − | BALANCE: $33.8mn (Rs 209.56 crore)
| + | [[Category:Crime|S |
| − | | + | INDIAN MONEY IN HSBC, SWITZERLAND]] |
| − | Emaar MGF: Shravan Gupta and wife Shilpi Gupta have three accounts with HSBC Geneva. They have declared the accounts and paid taxes. Shravan Gupta had a balance of $32.3 million in 2006-07, and wife Shilpi, a joint account holder, $1.5 million. The couple’s Golf Links residence in New Delhi is listed in the HSBC account opening data.
| + | [[Category:Economy-Industry-Resources|S |
| − | ==J==
| + | INDIAN MONEY IN HSBC, SWITZERLAND]] |
| − | ''' LADLI PERSHAD JAISWAL '''
| + | [[Category:India|S |
| − | | + | INDIAN MONEY IN HSBC, SWITZERLAND]] |
| − | BALANCE: $3.49 million (Rs 21.6 crore)
| + | [[Category:Pakistan|S |
| − | | + | INDIAN MONEY IN HSBC, SWITZERLAND]] |
| − | Jagatjit Industries Limited (JIL). Ladli Pershad acquired British citizenship and died in 2005. In the HSBC data, he is shown as an Indian citizen, with a New Delhi address (the house is currently under reconstruction). In 2006-07, his account had a balance of $3.49 million.
| + | |
| − | ==K==
| + | |
| − | ''' SURINDER KAPUR '''
| + | |
| − | | + | |
| − | BALANCE: $406.088 (Rs 2.51 crore)
| + | |
| − | | + | |
| − | Sona Koyo, a forging enterprise. HSBC data shows Surinder Kapur opened five accounts with the bank in 1999. He wanted to reshuffle his earlier accounts held in the name of foundations and open a personal account. The maximum balance, collectively shown for the accounts in 2006-07, is $406,088.
| + | |
| − | | + | |
| − | ''' PRENEET KAUR '''
| + | |
| − | | + | |
| − | BALANCE: Not mentioned
| + | |
| − | | + | |
| − | Minister in the former UPA government and wife of former Punjab chief minister Amarinder Singh. The only detail mentioned is her date of birth, which matches that in official records. In October 2014, she said the Income Tax Department had contacted her in 2011. ”In keeping with my reply to the I-T Department, I would like to state that I never had, and do not have any bank account(s) overseas in my name with any foreign bank.” No HSBC account is listed in her asset declaration form to the Election Commission.
| + | |
| − | | + | |
| − | ''' PRADIP KUMAR KHAITAN, HAIGREVE KHAITAN '''
| + | |
| − | | + | |
| − | BALANCE: Not mentioned
| + | |
| − | | + | |
| − | Corporate law firm, Kolkata etc. Pradip Kumar Khaitan and son Haigreve and their spouses Prabha and Tarulika are listed. No balance is shown for the accounts opened in 2004.
| + | |
| − | | + | |
| − | Pradeep Khaitan said, “The Income Tax department has given us a clean chit since everything was documented and money sent to the HSBC account under the official remittance scheme. The account is in my name as well as other members of the family
| + | |
| − | | + | |
| − | ''' BHADRA SHYAM KOTHARI FAMILY '''
| + | |
| − | | + | |
| − | BALANCE: $31.55 mn (Rs 195.6 crore)
| + | |
| − | | + | |
| − | Kothari Group, Chennai. Nina Bhadrashyam Kothari is the daughter of the late Dhirubhai Ambani. Her daughter Nayantara and son Arjun are listed as account-holders but there are no details. The balance in the account of Nina Bhadrashyam Kothari is shown as $31.55 million. All accounts were opened in 2002 and the family’s Chennai home is listed as the correspondence address.
| + | |
| − | | + | |
| − | ''' ASHVIN PRAKASH KUMAR '''
| + | |
| − | | + | |
| − | BALANCE: $4,849 (Rs 3 lakh)
| + | |
| − | | + | |
| − | The youngest Indian director to be nominated for an Oscar award (2005). His account showed a 2006-07 balance of $4,849.
| + | |
| − | | + | |
| − | Ashvin Prakash said, “This was during my tenure as nri and has been declared to authorities and therefore I do not want to comment further.”
| + | |
| − | ==L==
| + | |
| − | ''' SANJIV LAMBA '''
| + | |
| − | | + | |
| − | BALANCE: $644,923 (Rs 4 crore)
| + | |
| − | | + | |
| − | Diplomat Hotel, Delhi. Sanjiv and wife Madhulika had an identical 2006-07 balance of $644,923 each. The accounts were opened in 2000. In meetings later with HSBC bankers in New Delhi, Sanjiv discussed further investments “with an Indian flavor.”
| + | |
| − | | + | |
| − | Sanijv Lamba’s chartered accountant said, “My client was one of the first to admit to the Income Tax that he had an account and showed them all banking transactions. Subsequently, he approached the Settlement Commission where his petition was admitted and taxes due were paid up.”
| + | |
| − | | + | |
| − | ''' OM PRAKASH LOHIA '''
| + | |
| − | | + | |
| − | BALANCE: Not mentioned
| + | |
| − | | + | |
| − | Indo Rama Group. No details of his account balance are mentioned. Wife Urmila Lohia and son Vishal Lohia are also holders of accounts in HSBC Geneva.
| + | |
| − | | + | |
| − | Om Prakash Lohia said, “The account was opened by my father M L Lohia who is an NRI and he named us beneficiaries. Besides, there have been no transactions on the account which has been lying dormant. This was explained to the tax department.”
| + | |
| − | ==M==
| + | |
| − | ''' CHARU BHARTIA MODI '''
| + | |
| − | | + | |
| − | BALANCE: Not mentioned
| + | |
| − | | + | |
| − | Entrepreneur. There are no details of the balance in her account opened with the HSBC in 2006.
| + | |
| − | ==N==
| + | |
| − | ''' RAJAN PARSHAD NANDA '''
| + | |
| − | | + | |
| − | BALANCE:Not mentioned
| + | |
| − | | + | |
| − | Escorts Ltd. HSBC data shows Rajan Nanda opened an account in 2002 under Centerville Consultancy Limited. There are no details of the money in the account.
| + | |
| − | | + | |
| − | Rajan Nanda said, “The tax department … were satisfied with my replies that the monies were sent annually through the official route permitted by the RBI.”
| + | |
| − | | + | |
| − | ''' ADM S M NANDA, SURESH NANDA '''
| + | |
| − | | + | |
| − | BALANCE: $2.3 million (Rs 14.2 crore)
| + | |
| − | | + | |
| − | Navy chief during the 1971 Indo-Pak war, Admiral S M Nanda’s retirement years were mired in controversy due to the alleged involvement of his son Suresh in defence scandals and grandson Sanjeev in the BMW hit-and-run case. Nanda set up the Crown Corporation for arms contracts and died in 2009 at the age of 93. Data shows accounts in the names of the late Admiral, and sons Suresh and Paul. One company account shows all three as beneficial owners with a 2006-07 balance of $1.34 million; there is another joint account with Suresh: $478,864. Suresh has three other accounts with $478,532.
| + | |
| − | | + | |
| − | Suresh Nanda said, “I have been an NRI since 1987 and declare this to the Income Tax every year. As far as Paul Nanda and Sanjeev Nanda are concerned, they have paid tax before the Settlement Commission where their petitions were admitted.”
| + | |
| − | | + | |
| − | ''' HARSHAVARDHAN NEOTIA, VINOD KUMAR NEOTIA '''
| + | |
| − | | + | |
| − | BALANCE: $503,000 (Rs 3.1 crore)
| + | |
| − | | + | |
| − | Ambuja Neotia Group. Neotia family has three accounts in HSBC Geneva. One of the accounts is in the name of his late father, Vinod Kumar Neotia. In 2006-07, it had a maximum balance of $503,000.
| + | |
| − | ==P==
| + | |
| − | ''' BRIJENDRA KUMAR PODDAR '''
| + | |
| − | | + | |
| − | BALANCE: $953,187 (Rs 5.9 crore)
| + | |
| − | | + | |
| − | West Bengal. His HSBC account, opened in 2005, shows a balance of $953,187. His son, Yash Wardhan Poddar, who is the Honorary Consul of Romania in Kolkata, is listed as a co-account holder.
| + | |
| − | ==R==
| + | |
| − | ''' K RAHEJA CORPORATION FAMILY '''
| + | |
| − | | + | |
| − | BALANCE: Not mentioned
| + | |
| − | | + | |
| − | Real estate and hospitality. Lachmandas Raheja, his wife Jyoti and two sons, Ravi Raheja and Neel Raheja, are all holders of individual accounts with HSBC Geneva though no account opening details are given. In 2013, Chandru Raheja and his sons were chargesheeted by the Enforcement Directorate in connection with development of land for the Hypercity project in Mumbai.
| + | |
| − | | + | |
| − | A spokesperson for the Raheja Group said, “All the money in the offshore accounts has been deposited under the Liberalized Remittance Scheme. We were contacted by tax authorities two years ago and all information given. No taxes needed to be paid.”
| + | |
| − | | + | |
| − | ''' KUMAR VENU RAMAN '''
| + | |
| − | | + | |
| − | BALANCE: $3.06 million (Rs 18.97 crore)
| + | |
| − | | + | |
| − | An Indian Revenue Service officer who took premature retirement to join the Essar Group, Kumar Venu Raman became an angel investor. In 2006-07, his HSBC Geneva account had $3.06 million.
| + | |
| − | | + | |
| − | Kumar Venu Raman said, “I have been an NRI for almost two decades and all responses and clarifications have been given by my representatives to the tax authorities.’’
| + | |
| − | | + | |
| − | ''' NEELAM NARAYAN RANE, NILESH RANE '''
| + | |
| − | | + | |
| − | BALANCE: NOT MENTIONED
| + | |
| − | | + | |
| − | Former Maharashtra Chief Minister Narayan Rane’s wife Neelam and elder son Nilesh are HSBC account holders. Neelam runs a hotel chain while Nilesh is his father’s political heir. The only details available for Neelam Rane and Nilesh Rane are their dates of birth and their Bandra address, all verified.
| + | |
| − | | + | |
| − | Nilesh Rane said he had no knowledge of the accounts. “I have nothing to do with this. I am not aware of any such accounts.”
| + | |
| − | ==S==
| + | |
| − | ''' DATTARAJ VASSUDEV SALGAOCAR, DIPTI SALGAOCAR '''
| + | |
| − | | + | |
| − | BALANCE: $5.17 million (Rs 32 crore)
| + | |
| − | | + | |
| − | All four members of the Salgaocar family have accounts in HSBC. While there is no account balance shown for Dattaraj Salgaocar, his wife had a 2006-07 maximum balance of $5.17 million. There are separate accounts of their children, Vikram and Isheta, but balance amounts are not mentioned.
| + | |
| − | | + | |
| − | ''' SUBHASH VASANT SATHE, INDRANI SATHE '''
| + | |
| − | | + | |
| − | BALANCE: $749,370 (Rs 4.64 crore)
| + | |
| − | | + | |
| − | Son and daughter-in-law of former Union minister Vasant Sathe who died in 2011. Manufacturers of automotive parts and plastic components. Their joint account with a 2006-07 balance of $749,370 was opened in 2002. Subhash Sathe listed a Gautam Nagar, New Delhi address. Indrani listed an address in Saket, New Delhi, in account-opening documents.
| + | |
| − | | + | |
| − | Subhash Sathe said he had no details of the account. “You must be aware of details but I am not.”
| + | |
| − | | + | |
| − | ''' BHUSHAN LAL SAWHNEY AND FAMILY '''
| + | |
| − | | + | |
| − | BALANCE: $2.69 million (Rs 16.7 crore) (combined)
| + | |
| − | | + | |
| − | Sawhney Tyres: Has one of the oldest listed accounts in the HSBC India list. His account was opened in 1970 and its maximum balance in 2006-07 was $2.04 million (Rs 12.64 crore). His wife, Sneh Lata Sawhney, is a joint holder of the account. Son Praveen Sawhney has a separate account. His statement to the Income Tax was one of those released by India Against Corruption. Praveen had a 2006-07 balance of $ 657,161 (Rs 4.07 crore). The correspondence of the bankers attached with the data shows frequent requests from Bhushan Lal Sawhney and Praveen Sawhney for money transfer to other bank accounts, including those in Zurich.
| + | |
| − | | + | |
| − | ''' MOHAMMAD HASSEEB SHAW '''
| + | |
| − | | + | |
| − | BALANCE: $2.13 million (Rs 13.2 crore)
| + | |
| − | | + | |
| − | Exporter of Kashmiri carpets and pashmina shawls. HSBC data shows he opened his account in 1997. His father, Shaw Abdul Rashid, is a joint account-holder and they had a $2.13-million maximum balance in 2006-07. Several meetings between HSBC bankers and the two account-holders are listed — they asked for a second safe deposit box abroad and are noted as emptying out one which was stuffed with pashmina shawls.
| + | |
| − | | + | |
| − | ''' JAGDISH RAI SOOD '''
| + | |
| − | | + | |
| − | BALANCE: Not mentioned
| + | |
| − | | + | |
| − | Eros Group. No account balance is mentioned in the HSBC data.
| + | |
| − | | + | |
| − | Sood said, “The Income Tax department has gone through everything and done whatever was needed. They contacted me also but found that there was no money in the account.”
| + | |
| − | ==T==
| + | |
| − | ''' ANNU TANDON '''
| + | |
| − | | + | |
| − | BALANCE: $5.72 million (Rs 35.8 crore)
| + | |
| − | | + | |
| − | Former Congress MP from Unnao; was married to Sandeep Tandon, a former Indian Revenue Service officer who worked with Reliance Industries for several years before he died. The account opening statement in her name reveals she had two accounts (opened in 2005) with a joint balance of $5.72 million. Her Mumbai address is given in the records. The HSBC account is not one of the accounts declared by her in her asset declaration to the Election Commission.
| + | |
| − | | + | |
| − | Annu Tandon denied having any such account. “My husband is no more and if he opened some accounts, how would I know?”
| + | |
| − | | + | |
| − | ''' SANDEEP TANDON '''
| + | |
| − | | + | |
| − | BALANCE: $26.8 mn (Rs 166.1 crore)
| + | |
| − | | + | |
| − | Sandeep Tandon was an officer of the Indian Revenue Service who took voluntary retirement and joined Reliance Industries to head their taxation and liaison units. He became a powerful aide to Mukesh Ambani after the group split though he had investigated alleged money laundering charges. He died in 2010. Records show he had three accounts in HSBC with Mukesh Ambani and Anil Ambani shown as trustees in the list. The balance in the three accounts totalled $26.8 million.
| + | |
| − | | + | |
| − | '''DHARAM VIR TANEJA '''
| + | |
| − | | + | |
| − | BALANCE: $1.75 million (Rs 10.8 crore)
| + | |
| − | | + | |
| − | Retired banker Taneja (ex Chairman and Managing Director of the Central Bank of India) His 2006-07 balance in HSBC records is $1.75 million (Rs 10. 8 crore) and data shows that the account was opened in 2001 in Dubai. His Defence Colony address in New Delhi, where he lives, is listed.
| + | |
| − | | + | |
| − | A family member of Dharam Vir Taneja clarified, “The overseas bank account was disclosed to the RBI from its inception and monies lawfully repatriated to India in 2008 when account was closed. This is a case of fully disclosed income.”
| + | |
| − | | + | |
| − | ''' SMITA JAYDEV THACKERAY '''
| + | |
| − | | + | |
| − | BALANCE: $103.236 (Rs 64 lakh)
| + | |
| − | | + | |
| − | Film producer and daughter-in-law of the late Bal Thackeray of Shiv Sena. Smita opened an account with HSBC Geneva from Mumbai in 2002. Records show a maximum balance of $103,236 in 2006-07 in her account.
| + | |
| − | | + | |
| − | ''' MAHESH TIKAMDAS THARANI '''
| + | |
| − | | + | |
| − | Balance: $40.61 mn (Rs 251.7 crore)
| + | |
| − | | + | |
| − | He had a 2006-07 balance of $40.61 million. In 2001, he opened two accounts from Jakarta. A Bangalore address is mentioned in the data but a check showed the house on Berlie Street was sold by Tharani a decade ago. When the account was opened, he showed Indian nationality.
| + | |
| − | ==V==
| + | |
| − | ''' JITENDRA VIRWANI '''
| + | |
| − | | + | |
| − | BALANCE: $14,517 (Rs 9 lakh)
| + | |
| − | | + | |
| − | Bangalore-based Embassy Group He and wife Vandana opened a joint account with HSBC in 2001. The data shows a 2006-07 balance of $14,517. The couple’s Bangalore address is listed in the HSBC data.
| + | |
| − | | + | |
| − | Jitendra Virwani said, “All my international accounts have been declared and before the Income Tax Department, I denied having such an account. But they showed me some papers and calculated that I have to pay up approximately Rs 3.8 lakh. I have paid up but done so under protest so that I do not have to face the harassment of prosecution.”
| + | |
| − | ==W==
| + | |
| − | ''' MICHAEL ARAM WOLOHOJIAN '''
| + | |
| − | | + | |
| − | BALANCE: $107,837 (Rs 66.8 lakh)
| + | |
| − | | + | |
| − | Metal designer. He has a base in New Delhi and records show three different addresses in New Delhi’s Green Park, Sujan Singh Park and Greater Kailash areas. HSBC data shows that he opened three accounts with the bank in 1997. Two of them had zero balance while a third had $107,837 in 2006-07.
| + | |
| − | =''The Indian Express' '' exclusive report=
| + | |
| − | (Below is a summary. The full report can be read at [http://indianexpress.com/article/india/india-others/express-investigation-hsbc-indian-list-just-doubled-to-1195-names-balance-rs-25420-cr/ Indian Express]
| + | |
| − | | + | |
| − | ''' Exclusive: HSBC Indian list just doubled to 1195 names. Balance: Rs 25420 cr '''
| + | |
| − | | + | |
| − | [http://indianexpress.com/article/india/india-others/express-investigation-hsbc-indian-list-just-doubled-to-1195-names-balance-rs-25420-cr/ Ritu Sarin | Indian Express February 9, 2015] | + | |
| − | | + | |
| − | To obtain and investigate the Indian names, '' The Indian Express '' partnered in a three-month-long global project with the Washington-based International Consortium of Investigative Journalists (ICIJ) and the Paris-based Le Monde newspaper.
| + | |
| − | | + | |
| − | The investigation revealed 1,195 Indian HSBC clients, roughly double the 628 names that French authorities gave to the Government in 2011. The new revelation— published today as part of a global agreement — is expected to significantly widen the scale and scope of the ongoing probe by the Special Investigation Team (SIT) appointed by the Supreme Court.
| + | |
| − | | + | |
| − | Prominent people on the HSBC list include:
| + | |
| − | | + | |
| − | ''' Businessmen ''' (See the list on this page.)
| + | |
| − | | + | |
| − | ''' Diamond Traders '''
| + | |
| − | | + | |
| − | Top diamond traders of the country, several of whom are now settled abroad, figure on the list, with mostly Mumbai addresses given. Among them, Rusell Mehta, Anoop Mehta, Saunak Parikh, Chetan Mehta, Govindbhai Kakadia and Kunal Shah.
| + | |
| − | | + | |
| − | ''' Politicians ''' (See the list on this page.)
| + | |
| − | | + | |
| − | ''' NRIs/PIOs '''
| + | |
| − | | + | |
| − | Several prominent names include Swraj Paul, members of Manu Chhabria’s family, Rajendra Ruia/Vimal Ruia and Naresh Kumar Goyal.
| + | |
| − | | + | |
| − | HSBC, headquartered in London, when informed about the global investigation, first insisted that the ICIJ destroy its data. Told about the full extent of the reporting team’s findings (106,458 “clients” and data on major politicians, diamond traders, arms dealers and members of drug cartels), HSBC said: “We acknowledge that the compliance culture and standards of due diligence in HSBC’s Swiss private bank, as well as the industry in general, were significantly lower than they are today.”
| + | |
| − | ==Fascinating details==
| + | |
| − | The hunt for HSBC clients took The Indian Express from Delhi and Mumbai to smaller cities such as Phagwara, Kottayam, Srinagar, Ludhiana and Shimla.
| + | |
| − | | + | |
| − | ''' Fascinating details ''' are revealed in the list that includes hundreds of NRIs — for instance, 84-year-old stenographer Annie Meneaud, born in Kannur, Kerala, whose account was opened in Dubai and had a balance of $100,020.
| + | |
| − | | + | |
| − | Then there are some mysterious HSBC account-opening statements, such as one named “H.G.P” for a Kolkata-born UK citizen who has given a Carlton House Terrace address and, as the statement shows, instructed that all transactions be kept in the bank’s safe deposit box. This 74-year old client’s balance: $133.52 million.
| + | |
| − | | + | |
| − | A scrutiny shows there are 276 account holders with at least $1 million in their balance of whom 85 are residing in the country.
| + | |
| − | | + | |
| − | Topping the list of account-holders with an India connection is prominent London-based PIO Swraj Paul with a balance of $386 million. The lowest balance is for Gujarat-born UK citizen Naman Sarwar Malik, who has $669 in his account.
| + | |
| − | | + | |
| − | The Indian Express was the first to report, on August 7, 2011, that French authorities had handed over details of around 700 HSBC account holders and, as was the case in several countries, a frantic tax chase began.
| + | |
| − | ==Govt’s action so far==
| + | |
| − | | + | |
| − | Top officials of the Central Board of Direct Taxes (CBDT) said that undisclosed income to the tune of Rs 3,150 crore ($508 million) has been brought to tax from among HSBC account-holders but pointed out that there were some significant gaps in the data — some 200 accounts with the Government had no balance and 211 of them were of NRIs.
| + | |
| − | | + | |
| − | Such updated data is being regularly provided by the CBDT and the SIT to the Supreme Court, and officials said that tax collections, penalties and prosecutions are being chased on war footing.
| + | |
| − | | + | |
| − | A confidential note dated October 27, 2014, shows that following a video conference on the subject of HSBC collections, the prosecution of HSBC officials was being contemplated.
| + | |
| − | | + | |
| − | The note reads, “It has been explained that involvement of HSBC/its officials in opening and operation of the accounts also needs to be identified and reported to the Board… such facts would be extremely important while considering prosecution of HSBC/ its officials as abettors to Indian assesses.”
| + | |
| − | | + | |
| − | Several HSBC account-holders contacted by The Indian Express said that they objected to what some described as the “high-handedness’’ of the Income Tax Department. [The reactions of account-holders like Mr Kuldip Singh Dhingra and Mr Jitendra Virwani have been mentioned against their names elsewhere on this page.]
| + | |
| − | | + | |
| − | There are many account holders, led by Delh-based industrialist Sanjiv Lamba, who approached the Settlement Commission and obtained immunity from prosecution. Suresh Nanda, himself an NRI, said his brother Paul Nanda and his son Sanjeev Nanda had also approached the Settlement Commission and paid up taxes there.
| + | |
| − | | + | |
| − | Until Januar 2015, CBDT officials said, 27 HSBC account-holders had paid up penalties and 15 were facing prosecution proceedings for concealment of income in the accounts. The SIT has reportedly been informed that the target number for HSBC account-holders to be prosecuted is 300. But that was based on the list of over 600. Now that the list has doubled, sources said, the scope of the investigation just widened.
| + | |
| − | | + | |
| − | =Diamonds are for Swiss banks=
| + | |
| − | | + | |
| − | ==77 diamond traders have HSBC accounts ==
| + | |
| − | [[File: Diamonds are for Swiss banks.jpg|Diamonds are for Swiss banks. Graphic:[http://indianexpress.com/article/india/india-others/why-diamonds-are-the-hsbc-lists-best-friend/ ''The Indian Express'']|frame|500px]]
| + | |
| − | | + | |
| − | (Below is a summary. The full report can be read in [http://indianexpress.com/article/india/india-others/why-diamonds-are-the-hsbc-lists-best-friend/ ''The Indian Express'']. A graphic from the article has been archived on this page.
| + | |
| − | | + | |
| − | ''' Why diamonds are the HSBC list’s best friend '''
| + | |
| − | | + | |
| − | [http://indianexpress.com/article/india/india-others/why-diamonds-are-the-hsbc-lists-best-friend/ Appu Esthose Suresh | ''The Indian Express'' |February 10, 2015] | + | |
| − | | + | |
| − | | + | |
| − | In the HSBC list, 77 account-holders are connected to the diamond industry. 64 of them are beneficial owners from 12 families and only 13 are individual account holders. The deposits of the 77 total an estimated $203 million. All have bases in the Belgian city of Antwerp.
| + | |
| − | | + | |
| − | India is the global manufacturing hub, where much of the cutting and polishing is done.
| + | |
| − | | + | |
| − | Appu Esthose Suresh travelled to Mumbai to find out how a closely knit, mostly familial network controls the industry.
| + | |
| − | | + | |
| − | ''' Kinship, trade fuel trade through diamond pipeline '''
| + | |
| − | | + | |
| − | In October 2013, the Paris-based Financial Action Task Force handed in a report revealing what lies at the heart of the diamond trade:
| + | |
| − | | + | |
| − | “According to industry sources, it is difficult for a new and unknown individual to get involved in the trade of diamonds without being referred or introduced by an already established dealer,” the task force summed up.
| + | |
| − | | + | |
| − | The Indian Express visited Bharat Diamond Bourse on Mumbai’s Bandra Kurla Complex, the biggest diamond trading centre in India. Here, ''' deals are struck not over stamp papers, but via firm handshakes. ''' Such is the trust, such are the ties that diamonds worth millions are given on credit for sale without any formal agreement.
| + | |
| − | | + | |
| − | Industry sources in Mumbai said that the first generation of 11 of the 12 families who hold HSBC accounts came from Palanpur and migrated to Antwerp.
| + | |
| − | | + | |
| − | In India, where there is no tax on import of rough diamonds, the precious stones are vulnerable to misuse – these are often used for illegal money transfer, money laundering and exploitation of credit facilities.
| + | |
| − | | + | |
| − | The Income Tax (I-T), Enforcement Directorate (ED) and Directorate of Revenue Intelligence (DRI) have named diamond traders in at least 65 cases. It is alleged that they are key players in trade-based money laundering of an estimated Rs 60,000 crore.
| + | |
| − | | + | |
| − | A February 2014 internal I-T paper on the diamond traders of Surat and Mumbai outlines how traders facilitate bogus entries through which black money is converted to legitimate money for other sectors such as real estate.
| + | |
| − | | + | |
| − | A forensic report dated October 28, 2013, submitted by a consortium of banks to the Reserve Bank of India in connection with the credit facility used by a diamond trading company, underlines: “It is very common for one family to have multiple companies under multiple names across geographies that receive exports from India so that companies can avail import duty allowances and letters of credit from banks.”
| + | |
| − | | + | |
| − | DRI investigations in the last two years have listed 41 instances of the involvement of Hong Kong-based diamond traders in high-value money transfer.
| + | |
| − | | + | |
| − | A report by the GJEPC to the Commerce Secretary in October 28, 2014, stated: “Huge discrepancies were observed in the trade data which indicated that there has been import of rough diamonds from Hong Kong at a very high value per carat, and exporting almost same volumes of carats at a very nominal price, resulting in loss of foreign exchange to the nation. A similar analysis done for other trading centers such as Belgium and Israel etc does not indicate such alarming variations…”
| + | |
| − | | + | |
| − | From the list, who and how much:
| + | |
| − | | + | |
| − | ==K==
| + | |
| − | | + | |
| − | ''' KAKADIAS of SHEETAL GROUP '''
| + | |
| − | | + | |
| − | BALANCE: $9,100
| + | |
| − | | + | |
| − | The Kakadia family of Surat-based Sheetal Group had $9,100 (Rs 5.64 lakh) in HSBC in 2006-07.
| + | |
| − | ==M==
| + | |
| − | ''' MEHTAS of GEMBEL GROUP and LILAVATI HOSPITAL '''
| + | |
| − | | + | |
| − | BALANCE: $6.80 m
| + | |
| − | | + | |
| − | Chetan Mehta, father Prabodh Kirtilal Mehta, Bhavin Mehta, father Rashmi Kirtilal Mehta, hold $6.8 million (Rs 42.16 crore) in HSBC as beneficial holders of four companies registered in Switzerland. Prabodh Kirtilal Mehta was conferred the Order of Leopold II from the King of Belgium in 1993 and Officer in de Kroonorde in 2004.
| + | |
| − | | + | |
| − | ''' MEHTAS of MOHIT DIAMONDS '''
| + | |
| − | | + | |
| − | BALANCE: $16.23 Muslim
| + | |
| − | | + | |
| − | Six from the family of Vrajlal Mehta own approximately $16.23 million (Rs 100.62 crore) in three Antwerp-based companies which have accounts with HSBC. Two account holders also figure in the British Virgin Islands list released by the ICIJ in 2014.
| + | |
| − | | + | |
| − | Anoop Mehta said, “I don’t have any account in HSBC.”
| + | |
| − | | + | |
| − | ''' RASIKLAL KUMAR MEHTA and NITA KUMAR MEHTA '''
| + | |
| − | | + | |
| − | BALANCE: $117,216
| + | |
| − | | + | |
| − | The balance in the account of Rasiklal Mehta for 2006-07 was $117,216 (Rs 72.67 lakh).
| + | |
| − | | + | |
| − | ''' MEHTAS of ROSY BLUE '''
| + | |
| − | | + | |
| − | BALANCE: $53.63 mn
| + | |
| − | | + | |
| − | Six of this family of diamantaires have $53.63 million (Rs 332.50 crore) in HSBC
| + | |
| − | ==P==
| + | |
| − | ''' PARIKHS of MAHENDRA BROTHERS EXPORTS '''
| + | |
| − | | + | |
| − | BALANCE: $30.13 m
| + | |
| − | | + | |
| − | Four second-generation cousins – Saunak Jitendra Parikh, Milan Kavichandra Parikh, Jay Ketan Parikh and Raj Hiten Parikh – hold $30.13 million (Rs 186.80 crore) in HSBC. The account is held in the name of Laptis Trading Ltd and Sulay Trading Ltd, both registered in Tortola, Switzerland, known for tax management vehicles.
| + | |
| − | | + | |
| − | =14 offshore accounts linked to RIL: ''The Indian Express'' =
| + | |
| − | (Below is a summary. A graphic from the report {$601m. in 14 accounts linked to RIL} appears elsewhere on this page. The full report can be read at [http://indianexpress.com/article/india/india-others/600-mn-trail-to-ril-in-maze-of-14-accounts/ ''The Indian Express'' ])
| + | |
| − | | + | |
| − | '''$600-mn trail to RIL in maze of 14 accounts '''
| + | |
| − | | + | |
| − | [http://indianexpress.com/article/india/india-others/600-mn-trail-to-ril-in-maze-of-14-accounts/ Appu Esthose Suresh | ''The Indian Express'' February 10, 2015] | + | |
| − | | + | |
| − | Documents related to the HSBC account holders lend an insight into the $601-million (Rs 3,726 crore) held through companies, officials and associates of Mukesh Ambani-led Reliance Industries Ltd (RIL).
| + | |
| − | | + | |
| − | While there is no clarity on the ultimate beneficial owners, an analysis of 14 HSBC bank accounts, which in turn are held by 14 offshore entities, show that these accounts are linked to RIL. These companies are interlinked through inter-corporate ownership and common officials.
| + | |
| − | | + | |
| − | A spokesperson for RIL said: “Neither RIL nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.”
| + | |
| − | | + | |
| − | Bank data shows that a majority of these entities opened HSBC accounts a few months before the division of the erstwhile Reliance empire between the two brothers — Mukesh Ambani and Anil Ambani — on June 18, 2005.
| + | |
| − | | + | |
| − | '''The Walfenzaos of Monaco '''
| + | |
| − | | + | |
| − | The first in the series of accounts that can be clustered together under Mukesh Ambani-led RIL was opened on February 2, 2004 — Infrastructure Company Ltd. The Monaco-registered company had the largest account: $400 million (Rs 2,520 crore).
| + | |
| − | | + | |
| − | The three officials linked to Infrastructure Company Ltd are Chimanlal Jivandas Damani, James and Cathy Walfenzao.
| + | |
| − | | + | |
| − | James Walfenzao is a fiduciary management expert which specialises in setting up trusts and tax-exempt vehicles in offshore jurisdictions.
| + | |
| − | | + | |
| − | On February 2, 2004, half-an-hour after Infrastructure Company Ltd opened an account with HSBC, another account was opened: Motech Software Pvt Ltd, then headed by [Reliance’s chief liaison officer] Sandeep Tandon [see under ‘T’].
| + | |
| − | | + | |
| − | A second set of companies, which do not show any balance for 2006-07, are in turn beneficial holders of the previous set of companies which hold balance amounts. Stayer, Tremaine, Bartow are registered in the Netherlands, while Alloy and Antalis are registered in the British Virgin Islands and Lasemo in St Lucia.
| + | |
| − | | + | |
| − | The ultimate beneficial owners of these companies are not known but, according to documents maintained by HSBC, two names are common to these companies — James Walfenzao and Jairaj Sampat.
| + | |
| − | | + | |
| − | Jairaj Sampat is Managing Director of Reliance Global BV based out of the Netherlands.
| + | |
| − | | + | |
| − | In Canbar Holdings and Flag Telecom, senior RIL officials were listed as officials. In case of Canbar, where the beneficial owners are Mukesh Ambani and Anil Ambani, Sandeep Tandon was listed as an official. Similarly, in Flag Telecom, PMS Prasad (now with RIL), Sandeep Tandon and Parminder Dost were listed as officials while Anil Ambani and Mukesh Ambani were listed as beneficial owners.
| + | |
| − | | + | |
| − | =Swiss HSBC’s Top 100 Indian account holders=
| + | |
| − | ''' #swissleaks: Top 100 HSBC account holders with Indian addresses '''
| + | |
| − | | + | |
| − | [http://indianexpress.com/article/india/india-others/top-100-hsbc-account-holders-with-indian-addresses/ Express News Service | February 9, 2015] For the full report please click this link. | + | |
| − | | + | |
| − | Here is the full #swissleaks list
| + | |
| − | [[File: RIL accounts.jpg|$601m. in 14 accounts linked to RIL. Graphic: [http://indianexpress.com/article/india/india-others/600-mn-trail-to-ril-in-maze-of-14-accounts/ ''The Indian Express'' February 10, 2015] |frame|500px]]
| + | |
| − | 1. Uttamchandani Gopaldas Wadhumal/Family $54,573,535
| + | |
| − | | + | |
| − | 2. Mehta Rihan Harshad/ Family $53,631,788
| + | |
| − | | + | |
| − | 3. Tharani Mahesh Thikamdas $40,615,288
| + | |
| − | | + | |
| − | 4. Gupta Shravan $32,398,796
| + | |
| − | | + | |
| − | 5. Kothari Bhadrashyam Harshad/ Family $31,555,874
| + | |
| − | | + | |
| − | 6. Shaunak Jitendra Parikh/Family $30,137,608
| + | |
| − | | + | |
| − | 7. Tandon Sandeep $26,838,488
| + | |
| − | | + | |
| − | 8. Ambani Mukesh Dhirubhai $26,654,991
| + | |
| − | | + | |
| − | 9. Ambani Anil $26,654,991
| + | |
| − | | + | |
| − | 10. Krishna Bhagwan Ramchand $23,853,117
| + | |
| − | | + | |
| − | 11. Dost Parimal Pal Singh $21,110,345
| + | |
| − | | + | |
| − | 12. Goyal Naresh Kumar $18,716,015
| + | |
| − | | + | |
| − | 13. Mehta Ravichandra Vadilal $18,250,253
| + | |
| − | | + | |
| − | 14. Patel Kanubhai Ashabhai $16,059,129
| + | |
| − | | + | |
| − | 15. Sachiv Rajesh Mehta $12,341,074
| + | |
| − | | + | |
| − | 16. Anurag Dalmia/Family $9,609,371
| + | |
| − | | + | |
| − | 17. Ravichandran Mehta Balkrishna $8,757,113
| + | |
| − | | + | |
| − | 18. Kumudchandra Shantilal Mehta/Family $8,450,703
| + | |
| − | | + | |
| − | 19. Patel Rajeshkumar Govindlal/Family $6,908,661
| + | |
| − | | + | |
| − | 20. Hemant Dhiraj $6,237,932
| + | |
| − | | + | |
| − | 21. Anup Mehta/Family $5,976,998
| + | |
| − | | + | |
| − | 22. Tandon Annu $5,728,042
| + | |
| − | | + | |
| − | 23. Sidharth Burman $5,401,579
| + | |
| − | | + | |
| − | 24. Salgoacar Dipti Dattaraj $5,178,668
| + | |
| − | | + | |
| − | 25. Dabriwala Surbhit/Family $5,000,000
| + | |
| − | | + | |
| − | 26. Vaghela Balwantkumar Dullabhai $4,405,465
| + | |
| − | | + | |
| − | 27. Dilipkumar Dalpatlal Mehta $4,255,230
| + | |
| − | | + | |
| − | 28. Kuldip & Gurbachan Singh Dhingra $4,144,256
| + | |
| − | | + | |
| − | 29. Lakhani Jamna Thakurdas $4,123,673
| + | |
| − | | + | |
| − | 30. Rajiv Gupta $4,113,705
| + | |
| − | | + | |
| − | 31. Sawhney Arminder Singh $3,965,881
| + | |
| − | | + | |
| − | 32. Israni Loveen Gurumukhdas $3,824,104
| + | |
| − | | + | |
| − | 33. Natvarlal Bhimbhai Desai/Family $3,746,078
| + | |
| − | | + | |
| − | 34. Tulsiani Jawaharlal Gulabrai/Family $3,730,145
| + | |
| − | | + | |
| − | 35. Gupta Rajiv $3,545,416
| + | |
| − | | + | |
| − | 36. Jaiswal Ladli Pershad $3,496,063
| + | |
| − | | + | |
| − | 37. Carvahlo Aloysius Joseph $3,313,788
| + | |
| − | | + | |
| − | 38. Pradip Burman $3,199,875
| + | |
| − | | + | |
| − | 39. Tulsiani Sham Gulabrai/Family $3,066,991
| + | |
| − | | + | |
| − | 40. Vithaldas Janaki Kishore $3,031,220
| + | |
| − | | + | |
| − | 41. Kumar Venu Raman $3,063,064
| + | |
| − | | + | |
| − | 42. Thakkar Dilip Jayantilal $2,989,534
| + | |
| − | | + | |
| − | 43. Tulsiani Partab Gulabrai $2,901,435
| + | |
| − | | + | |
| − | 44. Adenwalla Dhun Dorab/Family $2,863,271
| + | |
| − | | + | |
| − | 45. Burman Pradip $2,831,238
| + | |
| − | | + | |
| − | 46. Tulsiani Naraindas Gulbari $2,818,300
| + | |
| − | | + | |
| − | 47. Dasot Praveen $2,801,634
| + | |
| − | | + | |
| − | 48. Patel Lalitaben Chimanbhai $2,741,488
| + | |
| − | | + | |
| − | 49. Chatha Joginder Singh $2,732,838
| + | |
| − | | + | |
| − | 50. Shyam Prasad Murarka $2,546,516
| + | |
| − | | + | |
| − | 51. Dhurvendra Prakash Goel $2,488,239
| + | |
| − | | + | |
| − | 52. Nanda Suresh/Family $2,303,713
| + | |
| − | | + | |
| − | 53. Gidwani Anan Nelum $2,228,582
| + | |
| − | | + | |
| − | 54. Pratap Chhaganlal Joisher/Family $2,209,346
| + | |
| − | | + | |
| − | 55. Mehta Devaunshi Anoop $2,136,830
| + | |
| − | | + | |
| − | 56. Shaw Mohammad Haseeb/Family $2,133,581
| + | |
| − | | + | |
| − | 57. Ahmed Rizwan Syed/Family $2,125,644
| + | |
| − | | + | |
| − | 58. Vinita Sunil Chugani $2,085,158
| + | |
| − | | + | |
| − | 59. Sawney Bhushan Lal $2,043,474
| + | |
| − | | + | |
| − | 60. Parminder Singh Kalra $2,042,180
| + | |
| − | | + | |
| − | 61. Chowdhury Ratan Singh $1,987,504
| + | |
| − | | + | |
| − | 62. Dhirani Vikram $1,915,148
| + | |
| − | | + | |
| − | 63. Nanda Sardarilal Mathradas $1,824,849
| + | |
| − | | + | |
| − | 64. Wilkinson Martha $1,824,717
| + | |
| − | | + | |
| − | 65. Sahney Devinder Singh $1,763,835
| + | |
| − | | + | |
| − | 66. Taneja Dharam Vir $1,748,541
| + | |
| − | | + | |
| − | 67. Dhindsa Komal $1,597,425
| + | |
| − | | + | |
| − | 68. Chatwani Trikamji/Family $1,594,114
| + | |
| − | | + | |
| − | 69. Pittie Madhusudanlal Narayanlal $1,462,594
| + | |
| − | | + | |
| − | 70. Bhardwaj Anil $1,435,781
| + | |
| − | | + | |
| − | 71. Dipendu Bapalal Shah $1,362,441
| + | |
| − | | + | |
| − | 72. Bhartia Alok $1,349,044
| + | |
| − | | + | |
| − | 73. Singh Shubha Sunil $1,348,983
| + | |
| − | | + | |
| − | 74. Dansinghani Shewak Jivatsing/Family $1,267,743
| + | |
| − | | + | |
| − | 75. Kumar Davinder/Family $1,231,088
| + | |
| − | | + | |
| − | 76. Jasdanwalla Arshad Husain Adamsi/Family $1,229,723
| + | |
| − | | + | |
| − | 77. Jhaveri Harish Shantichand/ Family $1,191,144
| + | |
| − | | + | |
| − | 78. Singhvi Ganpat $1,194,388
| + | |
| − | | + | |
| − | 79. Milan Mehta/Family $1,153,957
| + | |
| − | | + | |
| − | 80. Tuksiani Ashok Gulabrai $1,140,890
| + | |
| − | | + | |
| − | 81. Modi Krishan Kumar $1,139,967
| + | |
| − | | + | |
| − | 82. Garodia Bishwanath $1,071,858
| + | |
| − | | + | |
| − | 83. Jagasia Anuradha Anil $1,039,648
| + | |
| − | | + | |
| − | 84. Vithaldas Kishore/Family $1,020,028
| + | |
| − | | + | |
| − | 85. Chandrashekar Kadirvelu Babu/Family $1,007,357
| + | |
| − | | + | |
| − | 86. Galani Dipak Varandma/Family $940,191
| + | |
| − | | + | |
| − | 87. Sawhney Arun Ravindranath $914,698
| + | |
| − | | + | |
| − | 88. Merwah Chander Mohan $909,309
| + | |
| − | | + | |
| − | 89. Patel Atul Thakorbhai $813,295
| + | |
| − | | + | |
| − | 90. Nathani Kumar Saturgun $751,747
| + | |
| − | | + | |
| − | 91. Sathe Subhash/Family $749,370
| + | |
| − | | + | |
| − | 92. Shah Anil Pannalal/Family $742,187
| + | |
| − | | + | |
| − | 93. Madhiok Romesh $719,559
| + | |
| − | | + | |
| − | 94. Bhaven Prematlal Jhaveri $717,654
| + | |
| − | | + | |
| − | 95. Kinariwala Kalpesh Harshad $713,340
| + | |
| − | | + | |
| − | 96. Gokal Bhavesh Ravindra $699,184
| + | |
| − | | + | |
| − | 97. Lamba Sanjiv $644,923
| + | |
| − | | + | |
| − | 98. Shobha Bharat Kumar Asher $641,387
| + | |
| − | | + | |
| − | 99. Kathoria Rakesh Kumar $589,753
| + | |
| − | | + | |
| − | 100. Bhansali Alkesh Pratap Chandra $579,609
| + | |
| − | | + | |
| − | =2015=
| + | |
| − | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Govt-lacks-seriousness-on-stashed-cash-Whistleblower-03112015010019 ''The Times of India''], Nov 03 2015
| + | |
| − | | + | |
| − | ''' Govt lacks seriousness on stashed cash: Whistleblower '''
| + | |
| − | | + | |
| − | ''Man who leaked HSBC list says a lot of info hasn't been used''
| + | |
| − | | + | |
| − | Claiming that “millions of crores worth of illicit funds“ were flowing out of India, HSBC whistleblower Hervé Falciani said he was willing to cooperate with investigative agencies on tracing black money, but felt “disappointed“ by the response so far.
| + | |
| − | Falciani is facing charges in Switzerland of leaking bank account details from HSBC's Geneva branch -a list that reached the French government and was subsequently shared with New Delhi because it listed accounts of Indians who had stashed funds abroad.
| + | |
| − | “We are not here to talk about merely figures, but about possible solutions,“ Falciani said, adding that there is a “lot of information that has not been used by the Indian authorities“.
| + | |
| − | Falciani said he would require protection if he were to assist the authorities in India. Falciani has in recent months written to India twice offering his assistance in the black money probe. In April, he wrote to PM Modi, while in August he wrote to special investigation team (SIT) chief Justice M B Shah (Retd). He, however, said he was disappointed with the response and “lack of seriousness of the Indian government“.
| + | |
| − | Earlier in 2015, he had hinted that he possessed addi tional information on the lines of the list of 628 Indian entities holding accounts with the bank in Geneva. In the letter dated August 21, 2015, Falciani said,“There is an urgent need to focus... on unravelling the role of financial intermediaries. The investigation must not be restricted to interrogating clients just to find out how much they have in accounts but also how they proceeded. If this is not done, status quo will prevail as far as the black money problem in India is concerned.“
| + | |
| − | In his letter, Falciani had apparently said that the then SIT adviser K V Chowdary had met him in Paris in December, 2014, with regard to seeking assistance.
| + | |
| | | | |
| | =See also= | | =See also= |
Claiming that “millions of crores worth of illicit funds“ were flowing out of India, HSBC whistleblower Hervé Falciani said he was willing to cooperate with investigative agencies on tracing black money, but felt “disappointed“ by the response so far.
Falciani is facing charges in Switzerland of leaking bank account details from HSBC's Geneva branch -a list that reached the French government and was subsequently shared with New Delhi because it listed accounts of Indians who had stashed funds abroad.
“We are not here to talk about merely figures, but about possible solutions,“ Falciani said, adding that there is a “lot of information that has not been used by the Indian authorities“.
Falciani said he would require protection if he were to assist the authorities in India. Falciani has in recent months written to India twice offering his assistance in the black money probe. In April, he wrote to PM Modi, while in August he wrote to special investigation team (SIT) chief Justice M B Shah (Retd). He, however, said he was disappointed with the response and “lack of seriousness of the Indian government“.
Earlier in 2015, he had hinted that he possessed addi tional information on the lines of the list of 628 Indian entities holding accounts with the bank in Geneva. In the letter dated August 21, 2015, Falciani said,“There is an urgent need to focus... on unravelling the role of financial intermediaries. The investigation must not be restricted to interrogating clients just to find out how much they have in accounts but also how they proceeded. If this is not done, status quo will prevail as far as the black money problem in India is concerned.“
In his letter, Falciani had apparently said that the then SIT adviser K V Chowdary had met him in Paris in December, 2014, with regard to seeking assistance.
The issue of black money has been a matter of big debate in India and Switzerland.
Swiss banks have also said Indians have "few deposits" in Swiss banks compared to other global financial hubs
In comparison, the total funds held by all foreign clients of Swiss banks somewhat rose to CHF 1.42 trillion or about Rs 96 lakh crore (from CHF 1.41 trillion a year ago).
The total funds held by Indians directly with Swiss banks stood at CHF 664.8 million at the end of 2016, while the same held through fiduciaries was nearly $11 million, as per the latest data published today by the country's central banking authority SNB (Swiss National Bank).
The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.
This included nearly CHF 377 million in form of customer deposits, about CHF 98 million owed to Indians through other banks and CHF 190 million in form of other 'liabilities'.
The figures fell sharply across all categories last year, the SNB data showed.
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1987 and marks the third straight year of decline.
The funds held through fiduciaries or wealth managers alone used to be in billions till 2007 but has been falling amid fears of regulatory crackdown.
The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but has now come down to nearly one-tenth of that level in about a decade.
The quantum of these funds has been falling since then, except for in 2011 and in 2013 when Indians' money had risen by over 12 per cent and 42 per cent, respectively.
As per the available data since 1987, the earlier lowest ever figure was recorded in 1995 at CHF 723 million.
The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check the black money menace.
While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange from next year.
There have been several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.
SNB's official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.
There is a view that the Indians alleged to have parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global clampdown began on the mighty banking secrecy practices in Switzerland.
Swiss banks have also said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace.
On directions of the Supreme Court, India has also constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.
A number of strategies have been deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which include enactment of a new law to tackle stashing of black money abroad, amendments in the anti-money laundering Act and compliance windows for people to declare their hidden assets.
The Income Tax department had also detected over Rs 13,000 crore black money post investigations on global leaks about Indians stashing funds abroad and has launched prosecution against hundreds of entities, including those with accounts in Geneva branch of HSBC.
The taxmen had detected Rs 8,186 crore of undisclosed income against those whose names figured in the HSBC list that was obtained by India in 2011 through the French government.
Out of the total 628 cases under this list, the department got "actionable" evidence in 415 cases and assessments have been completed in 398 cases.
The Enforcement Directorate (ED) has also begun taking action, including seizure of properties, of those named in the HSBC list under a new clause in the the Foreign Exchange Management Act (FEMA).
Earlier this month, Switzerland ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money even as it sought strict adherence to confidentiality and data security.
Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said on June 16 that the implementation is planned for 2018 and the first set of data should be exchanged in 2019.
The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange would begin.
As per the draft notification approved by the council, the decision is not subject to any referendum -- which means there should be no further procedural delay in its implementation.
The issue of black money has been a matter of big debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.
Earlier in 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to CHF 1,217.6 million (over Rs 8,000 crore).
At the end of 2015, the total funds held in Swiss banks by Indians directly stood at CHF 1,206.71 million (down from CHF 1,776 million a year ago), while the money held through 'fiduciaries' or wealth managers was down at CHF 10.89 million (from CHF 37.92 million at 2014-end). The total stood at CHF 1,814 million at the end of 2014.
The total "amounts due to customers' savings and deposit accounts" fell from CHF 425.8 million at 2015-end to CHF 376.97 million, while the money held through other banks declined from CHF 270.4 million to CHF 97.8 million (after more than doubling during the previous year).
The 'other liabilities' of Swiss banks towards Indian clients, which include funds held through securities etc, declined from CHF 510.4 million to CHF 190 million.
As per the SNB data, the total money held in Swiss banks by all their foreign clients from across the world however rose from CHF 1.41 trillion (USD 1.45 trillion or about Rs 98 lakh crore) to CHF 1.42 trillion ($1.48 trillion) in 2016.
The total assets of Swiss banks in India fell from CHF 4.8 billion in 2015 to CHF 3.9 billion in 2016. This does not include any tangible assets like real estate and properties, while the amount due to Swiss banks from their customers stood at about CHF 407 million (down from CHF 570 million in 2015).
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland’s central bank showed.
The increase in aggregate funds of Indians with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. These are official figures reported by banks to the Swiss National Bank and do not indicate the quantum of the muchdebated alleged black money held by Indians in Switzerland.
These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities. PTI
