Revision as of 16:24, 13 February 2015

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The List: Who’s Who & How Much

Ritu Sarin |Indian Express New Delhi | February 9, 2015

Additional Reporting:

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.

For a detailed account please follow this link to the Indian Express| website.

The information had been given by HSBC itself following negotiations between the bank and Indian Income-Tax authorities.

The names [of Indians with accounts in HSBC Switzerland] include those of businessmen, politicians and their families.

A

Anil Ambani and Mukesh Ambani.

Anil Ambani

Balance: $26.6 mn (Rs 164.92 crore)

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.

Anil Ambani’s office responded, “Mr Ambani does not have any HSBC overseas account.”

Mukesh Ambani

Balance: $26.6 mn (Rs 164.92 crore)

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).

RIL spokesperson stated, “Neither RIL nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.”

B

ALOK BHARTIA

BALANCE: $1.35 million (Rs 8.37 crore)

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.

YASHOVARDHAN BIRLA

BALANCE: Not mentioned

Yash Birla Group. HSBC data provides sketchy details and makes no mention of the money in his account.

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.”

BURMAN FAMILY

BALANCE: $ 12.5 mn (Rs 77.5 crore)

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.

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.”

C

RITU (MAHIMA) CHAUDHRY

BALANCE: Not mentioned

Described as a top model and actress in HSBC records. Balance details of her account are not available.

She said she did not know what this matter was about and had no comments to make.

MANU CHHABRIA FAMILY

Balance: $141 mn (Rs 874 crore*)

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.

D

ANURAGH DALMIA

BALANCE: $9.6 mn (Rs 59.5 crore)

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.

DALMIA FAMILY

BALANCE: $74,038 (Rs 45.9 lakh)

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.

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.”

KULDIP SINGH DHINGRA, GURBACHAN SINGH DHINGRA

BALANCE: $4.14 million (Rs 25.6 crore)

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.

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.”

G

BISHWANATH GARODIA

BALANCE: $1.07 million (Rs 6.6 crore)

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.

Naresh Kumar Goyal

BALANCE: $18.7mn (Rs 116 crore)

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.

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.”

SHRAVAN GUPTA, SHILPI GUPTA

BALANCE: $33.8mn (Rs 209.56 crore)

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.

J

LADLI PERSHAD JAISWAL

BALANCE: $3.49 million (Rs 21.6 crore)

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 Indian Express

Exclusive: 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.

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 The Indian Express )

$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

Express News Service | February 9, 2015 For the full report please click this link.

Here is the full #swissleaks list

$601m. in 14 accounts linked to RIL. Graphic: The Indian Express February 10, 2015

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

See also

Indian money in Swiss banks <> Indian money in HSBC, Switzerland<> Indian money in Liechtenstein banks <> Sri Lankan money in Swiss banks