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19,000 crore black money detected in ICIJ, HSBC cases

The government said today that more than Rs 19,000 crore black money has been detected after the Income Tax department conducted investigations into global leaks including HSBC account holders in Switzerland. Speaking about the mindboggling amount of black money detected, Finance Minister Arun Jaitley said that investigations conducted based on information revealed by ICIJ (International Consortium of Investigative Journalists), have helped identify around 700 Indian people who have illegally transferred more than Rs 11,010 crore of credits in undisclosed foreign accounts. Jaitley informed the Lok Sabha that “72 prosecution complaints in 31 such cases have been filed before the criminal courts.”

It may be recalled that the government had formed a multi-agency group (MAG) in April 2016, which was tasked with carrying out the investigations against Indian people who were named in the Panama papers leak. Jaitley also said that government of France has provided information about 628 Indian persons who had bank accounts in HSBC bank in Switzerland. This information was shared by France, as per the Double Taxation Avoidance Convention (DTAC) between India and France. Investigations into HSBC cases has revealed another Rs 8,437 crore black money deposited abroad by Indian persons, bringing the total such detections to more than Rs 19,000 crore.

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