As the French government provided the receipt of details regarding 700 bank accounts, the Income Tax has conducted at least 50 searches over the last two months.
A top Mumbai-based businessman who in the investigation admitted that he has personal accounts in HSBC, Geneva with deposits more than Rs 800 Crore. Besides him, the list includes three Member of Parliament from Haryana, Uttar Pradesh and Kerala. Income Tax department has asked them to appear for further inquiry and investigation at Delhi office. I-T department has recently set-up a Directorate of Criminal Investigation. The inquiry's main motive is to find out the source of funds in the Geneva account.
Times of India explains that recovery of Rs 300 Crore has already been made from several account holders, though some of them refused that they ever had an account in Swiss bank. The I-T department is also making inquiries with other countries to get the extract the details of other nearly 300 cases.
Indian government has given the authority of the entire investigation to the Directorate of Criminal Investigation, Delhi.
This time those accused of stashing money in Foreign banks will not only get fine and monetary penalty, but may also get five to ten years of jail term.
Besides the details of 700 accounts shared by French Government, Income tax also has nearly 10,000 pieces of information on suspicious transactions. Investigation has been started.
The Indian public was waiting for this day to come, and if I-T department is successful in getting most of the people behind bars a huge sum of money can re-enter Indian economy for the good of everyone.
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