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Black money: 782 offshore accounts being probed


Meetu Jain,CNN-IBN
Nov 01, 2011 at 02:01pm IST

New Delhi: The Income Tax department is looking at 782 Indian accounts in HSBC Geneva for suspected black money. Sources said a probe into some of the Indian account holders with over Rs 3000 crores in deposits are being probed.

The list was not officially given by the Swiss government, added the sources.

Finance Minister Pranab Mukherjee says the government will reveal more foreign banks when there is enough information from the investigation.

On being asked if the Finance Ministry received some names of MPs and industrialists regarding black money in the Swiss bank, Pranab said, "When the information comes investigation starts and matter comes to the court. As per the existing treaty terms, we can review the names only then in the case of prosecution by the I-T department."

Sources said the list was passed on by the French Government which got the list through unofficial sources and decoded the list. It had names of account holders from many countries including India. The list contains details upto the year 2009.

The unofficial list has account names, number, passport details of the account holder and the amount. Sources told CNN-IBN that the Finance Minister in a meeting on July 8, 2011 asked for a preliminary investigation into these accounts and the accounts holders.

India, according to the Finance Ministry, has so far received over 9,900 pieces of information from several countries regarding suspicious transactions by Indian citizens, which are now under different stages of processing and investigation.

The Department of Criminal Investigation will initiate legal proceedings in several cases in the next few months, sources said, adding that the cases would be dealt with under criminal provisions of the IT Act.

In a number of cases being probed by the DCI, the department plans to conducts searches and surveys for obtaining additional information.

With Additional Inputs from PTI

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