Bollywood celebs listed for stashing money in Swiss banks

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Black Money
Mumbai, Dec 16: Out of 100 Mumbaikars who were listed to have stashed black money abroad, 10 Bollywood big shots and 5 celebrities from South India are apparently having Swiss Bank accounts, said sources, Income Tax department (I-T).

"Among the secret account holders are a couple of 'A' list stars who are on the verge of retirement, a few of whom have turned producers too. Apart from them, there are celebrities, who apparently have faded and are primarily doing television now. This trend is also seen common down south," said I-T sources.

"In the past, the trend has been such of investing black money in secret accounts. Gradually, it has changed into buying properties abroad or investing into business worldwide and earn profits. This seems to be an easy way of converting illicit wealth into white money and paying the deserving taxes for it," it said.

"Under the policy, we cannot disclose the identity. Since the probe is on, revealing names would alert the account holders, who may smartly opt to close their accounts and escape investigations," said an I-T official on why the names were kept secret.

Meanwhile, the Parliament has said that a white paper on the black money issue will be brought into effect. It however, rejected the opposition's demand that the names of those having accounts in the Geneva branch of HSBC be disclosed.

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