Swiss Bank To Provide The list Of Indians Suspected To Have Black Money

BANGALORE: Swiss Bank is preparing the list on the Indians suspected to have un accounted money where the special investigation team with the Indian team has promised action if any signs of illegality is noticed.

The names of certain Indian individuals and entities came under the scanner of the Swiss authorities during an ongoing exercise to identify the real beneficiary owners of funds held in various banks operating in Switzerland, a senior Swiss government official told.

The list of such persons and entities is being shared with India, while further details would also be provided in due course and all necessary administrative assistance would be made available as well, he said.

Reacting to the development, Justice MB Shah, who is heading the SIT on black money in India, said that the list would be verified and action would be taken against those found to have kept unaccountable money.

The Swiss government official refused to divulge the identity of the concerned entities as also the quantum of funds involved, citing the confidentiality clause of the information exchange framework between India and Switzerland.
    
He, however, said that they are suspected to have held untaxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based out of countries other than India.
    
The Indian link of these entities came to the fore after enquiries by the banks and regulatory authorities about the source of the funds and the beneficiary ownership of such accounts.

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