 "New report shows more than 1,000 Indians have Swiss bank accounts")
As many as 1,195 Indians – twice the 628 names given to the Indian government by French authorities in 2011 – have accounts with the Swiss arm of HSBC Bank, the Indian Express newspaper reported Monday morning. The new list includes names of account holders and their balances for the year 2006-07.
The investigation, conducted in collaboration with Washington-based International Consortium of Investigative Journalists (ICIJ) and the Paris-based Le Monde newspaper, revealed a number of names, some of which include prominent businessmen like Reliance Industries’ chairman Mukesh Ambani, his estranged brother and ADAG chairman Anil Ambani, industrialist Yashovardhan Birla, real estate magnate Chandru Lachhmandas Raheja and Goan tycoon Dattaraj Salgaocar, among others.
Prominent diamond traders with local addresses, many of whom are settled abroad, also appear on the list. This includes names like Rusell Mehta, Anoop Mehta and Govindbhai Kakadia, among others.
Ever since the onset of the black money probe, politicians in India have denied being on this list. However, the Indian Express investigation has revealed the names of a few account holders with connections to politicians. Former UPA minister Preneet Kaur and former Congress MP Annu Tandon both feature on the list. Neelam Narayan Rane and Nilesh Rane, the wife and son of former Maharashtra chief minister Narayan Rane are also on the list. Smita Thackeray, daughter-in-law of the late Shiv Sena leader Bal Thackeray, also features on the list.
Prominent names such as Rajendra Ruia/Vimal Ruia, Naresh Goyal and Swraj Paul are also in the latest list.
In 2011, French authorities revealed documents from HSBC’s Swiss private banking arm, which shed light on the names of account holders and their bank balances, triggering a tax chase all over the world. The revelation became the centre of major political debates in India, leading to the setting up of a Special Investigative Team (SIT) to exclusively look into the allegations of black money.
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In an effort to obtain the Indian names from this list, 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.
In response to the investigation, HSBC was quoted in the Indian Express as saying, "We acknowledge and are accountable for past compliance and control failures." The bank further added that it had refocused this part of its business, due to which it had reduced its client base by almost 70% since 2007.