Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday. India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands etc.

“It is estimated that around 500 billion dollars of illegal money belonging to Indians is deposited in tax havens abroad. Largest depositors in Swiss Banks are also reported to be Indians,” CBI director A P Singh said speaking at the inauguration of first interpol global programme on anti-corruption and asset recovery.

He said getting information about such illegal transactions is a time taking process as investigators have to peel each layer by sending judicial requests to the country where such deposits have been made.

“53 per cent of the countries said to be least corrupt by the Transparency International Index are offshore tax havens, where most of the corrupt money goes. The tax havens include New Zealand which is ranked as the least corrupt country, Singapore ranked number five and Switzerland number seven,” Singh said.

He said there is a lack of political will in the leading tax haven states to part with the information because they are aware of the extent to which their economies have become “geared to this flow of illegal capitals from the poorer countries.”

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  1. jay says:

    there is no dearth of information, everything is avilable – the amount, the name of the person, the process of stashing illegal money, the transactions involved & all the links – but nothing will happen to the looters. I am praying earnestly for the descent of a pied piper who will lead all the rats – big, small, cunning, smart, looters, scamsters, fat, ugly, tainted, painted ….. and drown them all into the mighty 3 oceans sourounding the country
    i hope the day will come soon.

  2. jay says:

    no use repeatedly quoting astronomical figures, every information i8s available, the money deposied, who has deposited, what is the share, how the money has been illegally stashed, – there is absolutely no dearth of information or evidence – still NOTHING will be done about it, neither the guilty will be punished nor a finger will be lifted to bring back the money – only news wil be repeatedly published, media will works & public will read & forget
    enough of it, – all mute spectators to the looting going all around us. i hope /pray

    some pied piper should descend carry away all the rats – big, small, fat, unclean, smart, cunning, looters, scmasters, …… & drown them all in thre three mighty oceans surrouding the country.
    hope this day will cme soon

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September 2021