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The leaked HSBC list of Swiss bank account holders from over 200 countries, showing better rank for Indians, with USD 4.1 billion in 16th position. The list, prepared by International Consortium of Investigative Journalists, comprises over one lakh HSBC customers and their bank accounts with balances totaling over USD 100 billion.
According to ICIJ, there are more than 19,000 clients not associated with any country. In terms of money in these accounts, account holders from Switzerland are in first (USD 31.2 billion), followed by UK, Venezuela, US and France in the top five. India is at 16th place on this parameter.
In terms of the number of account holders, India is at 18th place (1,668 account holders), while Switzerland is on the top again with 11,235 account holders. Others in the top-five include France, UK, Brazil and Italy.
ICIJ said, "Swiss Leaks project is based on a trove of almost 60,000 leaked files that provide details on over 100,000 HSBC clients and their bank accounts”. The data of these accounts were secreted away by Herve Falciani, a former HSBC employee-turned-whistleblower.
He turned the data over to the French government in 2008 and its tax authority launched an investigation.
Some of the important Indian businessmen who have accounts in HSBC Bank are: Mukesh Ambani, Anil Ambani, Anand Chand Burman, Rajan Nanda and Yashovardhan Birla.
According to the leaked data, Mukesh Ambani opened two HSBC accounts in 2001 with average joint balance of $26.6m (£17.5m, €23.5m) in 2006/2007. Another account was opened in 2007 in the name of his company, Reliance Industries Limited (RIL), with a balance of $103.8m.
"Neither RIL nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world," a spokesperson from the company was quoted as saying by The Indian Express. ICIJ and Le Monde's Swiss Leaks project has brought together more than 140 journalists to investigate a trove of leaked bank files. The Cash in the secret accounts mostly Linked to Dictators and Arms Dealers, according to the ICIJ report.
We have to see how PM Modi will consider this list and how he will stand on his 2014 election campaign promise of bringing the black money back.
-Kannamsai
