New Delhi: Mysteriously, there are no big names having links with major political parties or corporate houses on the government’s list of 627 foreign account holders produced before the Supreme Court on Wednesday.
So there are little chances of recovering huge amounts of untaxed money stashed in foreign banks by some 350-odd Indians, who may face prosecution for illegally depositing unaccounted money in foreign tax heavens.
Meanwhile, media reports also claimed that the account entries of those in question are too old and reflected relatively small deposits. The rest of the names in the list of 627 are non-resident Indians (NRIs) who cannot be prosecuted against under Indian tax laws since they enjoy immunity.
While the investigation into who has hidden money in foreign bank accounts will be completed by March 31, Justice M B Shah in an exclusive interview to NDTV, stressed that “the biggest names will be caught. Whoever has looted this country will be caught and punished – economically and otherwise.”
Justice Shah heads a special committee of former judges and regulators tasked by the top court to identify tax violators and draft a plan to recover the money from accounts in countries like Switzerland. “I am 100% confident that we will meet the March 31 deadline,” said the Justice.
Amid reports that the list, which compiles Indians with accounts at HSBC in Geneva, does not include any big names, Justice Shah said, “I don’t agree that the big fish will get away. Everybody is equal before us. At present, we are looking at 627 names, but we are trying to get other names as well. The report will be exhaustive.”
As part of that effort, Justice Pasayat said ads will share an email address that can be used by the public to share “detailed and specific data, not speculation” about any leads they have on alleged black money holders.
Earlier, complying with the Supreme Court’s directive, the Central government on Wednesday handed over a list of 627 Indians who have accounts in HSBC bank, Geneva for tax probe for suspected black money.
The documents were submitted in separate sealed envelopes by the Attorney General Mukul Rohatgi which the apex court did not open. Instead they were handed over to the Special Investigation team (SIT) probing the black money case.
Reacting to the government’s report, “I don’t think there is anything significant in the report. The list is the same as before. It was known to us. We have to question the people in the list,” Shah said adding that there is no new outcome of the investigations that have taken place in the past few days.
The Supreme Court has been monitoring the black money case since 2009 on the basis of a petition by lawyer Ram Jethmalani. It repeatedly rebuked the previous Congress government for inaction; this week, the new BJP government was reprimanded sharply, with judges saying, “We can’t leave the issue of bringing back black money to the government. It will never happen during our time.” The court then said it will rely on Justice Shah’s Special Investigation Team to provide a much-needed impetus to the case.Â