Black money: Besides HSBC list, there’s another with 612 names
NEW DELHI: Even as the present debate over black money is focused mostly around the names of 628 Indians with account in HSBC, Geneva, the authorities have a list of another 612 Indians with accounts in tax havens around the world.
The names of these 612 Indians emerged in 2013 through databases leaked by the International Consortium of Investigative Journalists (ICIJ) on offshore investments and secret financial transactions. These databases were based on transactions of two companies—Singapore-based Portcullis TrustNet and Commonwealth Trust Limited of British Virgin Islands—that have assisted individuals in exploiting the low or zero tax regime of secretive tax havens.
According to ICIJ, the 612 Indians had used the services of these companies to set up companies or other forms of financial structures in tax havens, or to hide their activities, mostly illegal.
According to an official, the database was being handled by CBDT (central board of direct taxes).
Among the names that appear in the ICIJ database are that of Ravikant Ruia of Essar group and Vijay Mallya of UB group. However, there is no evidence of illegality per se as the list doesn’t differentiate between legitimate deposits for business purposes or those who may have allegedly stashed black money.
Essar group has in the past clarified that those entities were created as special purpose vehicles for international investments and were in the knowledge of authorities concerned. Mallya’s representatives has clarified that he is an NRI with business activities around the world and had used a company based in British Virgin Islands for business purposes.
Also on the same list is Teja Raju Byrraju, eldest son of disgraced Satyam Computers founder Ramalinga Raju. Teja Raju allegedly registered two companies in 2007 in British Virgin Islands.
Several other businessmen too have figured in this list.
Indian tax authorities have also received in 2011 another list of 18 with accounts in tax haven of Liechtenstein.
