Black money: Looking for stash in India
Bengaluru, May 27: The Swiss authorities naming the Indians alleged to have stashed money abroad is a good start no doubt. While the Swiss authorities await replies from these persons, the Indian Income Tax Department will pick it up from to dig deeper and find out where else these persons could have stashed away the cash.
It becomes quite clear while looking into some of the cases that money laundering was an extremely easy job to undertake until a few years back. In the year 2012, the Income Tax Department conducted a raid at near Delhi at the premises of Gurjit Kochar, it was alleged that someone in the government had tipped them off which ensured a large chunk of money had been moved out well in advance.
Swiss bank account: The two ladies named by Switzerland
The Swiss authorities have given all these persons whose names were revealed yesterday to file a written reply explaining the money that has been parked abroad. If the replies are satisfactory then the Swiss authorities would not need to share any further details with India. However if the answers are not filed or are unsatisfactory, then India will be privy to all the details relating to the accounts in question.
These are things that take time, an officer informed Oneindia. The information given by the Swiss is a tip of the iceberg and nothing prevents the IT department from conducting an independent probe against all these persons. As a first step, the IT department can find out every rupee that has been parked in India and recover it.
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The
next
part
of
the
probe
would
be
to
find
out
where
else
these
persons
have
parked
their
money
and
steps
could
be
undertaken
to
bring
the
same
back
as
well,
the
officer
also
informed.
Fresh
initiatives
would
be
taken
against
all
such
persons
whose
names
have
been
disclosed
and
the
probe
will
commence
shortly
the
officer
also
informed.
The
Gurjit
Kochar
case:
The IT department in particular would be keen on probing into the Gurjit Kochar case. The 35 year old who is the son in law of slain liquor baron, Ponty Chadha was named by the Swiss Authorities yesterday. His name has cropped up in India several times in the past and it was his premises that was raided in the year 2012.
Swiss accounts: The 5 Indians who have been named
However during that raid at Delhi, the IT department was unable to recover all the money as they had alleged that someone had tipped off regarding the raid which gave them ample time to move a large chunk of the money. The IT department would now want to find out the exact manner in which all the money was raised and also a transaction worth Rs 38 crore. It was alleged that Kochar at the behest of his father in law had moved money through Dubai.
OneIndia News