LEAKED: 15 out 18 th Indian BlackMarketer's list Leaked out!

Discussion in 'Politics & Society' started by JayATL, Feb 4, 2011.

  1. JayATL

    JayATL Senior Member Senior Member

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    Does anyone know who these guys are perhaps ? http://www.tehelka.com/story_main48.asp?filename=Ne120211TheList.asp.

    and maybe they don't want to release their names because they would be killed by angry mobs? Instead govt. are trying to take them to task privately?


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    It is almost two years since the German Government had passed on the names and bank account details of eighteen Indians who had stashed their alleged ill-gotten wealth in the LGT bank of Liechtenstein, a well-known tax haven nation, 190 km from Munich, Germany.

    Germany had officially handed over the list to the Indian Government on 18 March 2009. Prime Minister Manmohan Singh and Union Finance Minister Pranab Mukherjee have since said more than once that this list cannot be disclosed to the Indian people. Opposition parties like the BJP and the Left Front have repeatedly said the names must be disclosed. The BJP has been accusing the government of shielding the names of the tax evaders and not doing enough to bring back the crores of rupees stashed away in tax havens.

    Thus, the list has become a subject of tremendous controversy and suspense.

    TEHELKA has accessed 16 of the 18 names, of which we are putting out 15 right now. These names include individuals as well as trusts. At this point, we are putting out 15 names without disclosing details like their addresses, the businesses they are involved in and the total money they have stored away in Liechtenstein. Abiding by the basic journalistic principle of proving the accused an opportunity to present their side of story, TEHELKA has approached each of these individuals involved and is awaiting their response.

    Once these individuals respond, we shall share the full details of who these people are and what they do. We shall also put out their responses. This, then, is the list.

    1. Manoj Dhupelia

    2. Rupal Dhupelia

    3. Mohan Dhupelia

    4. Hasmukh Gandhi

    5. Chintan Gandhi

    6. Dilip Mehta

    7. Arun Mehta

    8. Arun Kochar

    9. Gunwanti Mehta

    10. Rajnikant Mehta

    11. Prabodh Mehta

    12. Ashok Jaipuria

    13. Raj Foundation

    14. Urvashi Foundation

    15. Ambrunova Trust

    The three trusts in this list are registered outside India.


    The government has been claiming so far that a detailed investigation into all the bank account details provided by Germany is underway and making the names public would violate the agreement between two sovereign countries, India and Germany.

    According to highly placed sources, the investigation into the 15 names that TEHELKA is disclosing, is close to completion and the Central Board of Direct taxes would soon prosecute these trusts and individuals under the relevant provisions of the Income tax Act.

    The sources told TEHELKA that the two main charges proved against these individuals are of tax evasion and concealment of income.

    The authorities also believe that some of these account holders could be fronts for high profile individuals. One name in particular is being investigated for suspected links with a well-known Indian politician.

    The name of the chairman of a major Indian corporation is also part of the list, but TEHELKA is holding back his name until we have his full version.

    According to Pranab Mukherjee, the German Government has provided the information under the strict confidentiality clauses of the Double Taxation Avoidance Agreement, and hence they could not be disclosed at the stage of investigation.

    However, once the government launches prosecutions, the name would be made public, he had said.

    These 18 names are part of the list of 1,400 clients, which were stolen from the databank of LGT Group, the Liechtenstein bank owned by the principality's ruling family, and passed on to German tax authorities in 2008.

    The German government had paid as much as €5 million, or $7.4 million, for information on German account holders in Liechtenstein on a disk provided by an informant to the German Federal Intelligence Service, or BND.

    After this, Germany and England had launched massive investigations into the suspected tax evasions and have since prosecuted dozens of their citizens on charges of tax evasion and concealment of income.

    The German Government alone had initiated action against over 600 of its tax payers.

    Besides taking action against its own citizens, the German Government had also shared this information with other countries including India.


    But the Indian names figuring in LGT Bank list are only a tip of the iceberg. Experts estimate that Rs 65 lakh crores of ill-gotten wealth earned by Indians is stored in Swiss banks alone.

    According to R Vaidyanathan, Professor of Finance at the Indian Institute of Management, Bengaluru, the average amount stashed away by Indians in offshore tax havens between 2002 and 2006 was $136.5 billion. “These illegal funds lying in tax havens are not just related to the issue of tax evasion. It is capital flight from India and part of a corrupt nexus between politicians, bureaucrats and corporate companies,” says Vaidyanathan.

    Different Indian governments over the past 20 years have done little to bring this money back by making necessary changes in existing Indian taxation and foreign exchange management laws.

    Besides, the government has been slow in renegotiating double taxation avoidance treaties with different tax havens and making provisions for clauses under which the governments and banks could be compelled to disclose the account details.

    For instance, under the existing Indo-Swiss Double Taxation Avoidance Agreement (DTAA), information on the Swiss bank deposits of Indian residents could not to be revealed until the Indian Government furnishes evidence of criminality behind these banking transactions.


    India enters into DTAAs with other countries to encourage flow of foreign capital and technology, and also to check tax evasion. The purpose of a DTAA is to mitigate the hardship caused by dual taxation on the same source of income. Double taxation on a single source earned by an individual is possible under income tax, as taxation depends not on citizenship, but on residential status.

    To date, India has signed comprehensive double taxation avoidance agreements with 77 countries.

    “I have asked the revenue department to reopen negotiations for all 77 double tax avoidance agreements with all countries that we have entered into so far, so that we can have real time exchange of information on tax evasion and tax avoidance,” Mukherjee had said at the India Economic Summit in November 2009.

    Since the recession hit the economies of developed countries, the Organisation for Economic Cooperation and Development (OECD) has been leading a campaign for transparency in the international banking system, and making the tax havens to necessarily exchange information with other countries where tax evasions are involved.

    The US in particular has been proactive in using the might of its economy to make different tax havens fall in line, and share the names of US citizens who have deposited money in these tax havens.

    For instance, the UBS Bank, a Swiss bank and the world’s largest wealth management company, came under US scrutiny in June 2008 to uncover the identity of US nationals who maintained secret accounts in the bank and were defrauding the American revenue department.

    When the US Government threatened to prosecute the USB Bank, the bank paid a fine of $780 million and also agreed to reveal the details of the hidden assets of US nationals within a fixed time frame failing which it would face prosecution.


     
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  3. Daredevil

    Daredevil On Vacation! Administrator

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    Never hear any of the above names. Most likely these guys are the front for money laundering by politicians, corporates, bureaucrats etc. I think mot of these names sound Gujarati and likely to be businessmen based in Mumbai. Also need to know if this is the correct list to begin with. Waiting for more news on these guys to connect the dots.
     
  4. Yusuf

    Yusuf GUARDIAN Administrator

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    not most, all names are gujarati..
     
  5. Agantrope

    Agantrope Senior Member Senior Member

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    GoI is providing all the big hogs ample amount of time to mobilise their funding from one tax-haven to another tax-haven. Anyhow some scapegoat gonna show its neck to the sharp blade. Let the game begins...
     
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  6. Ray

    Ray The Chairman Defence Professionals Moderator

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    They are mostly diamond merchants and some are backers of the Kochi Team of the IPL or so the TV channels claim.
     
  7. SHASH2K2

    SHASH2K2 New Member

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  8. JayATL

    JayATL Senior Member Senior Member

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    Hope you dont mind me including the video on the OP.
     
  9. SHASH2K2

    SHASH2K2 New Member

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    Black money list revealed, Kochi IPL owners exposed



    [​IMG]
    Black money list revealed, 15 Indians named







    NEW DELHI: The veil of secrecy on the list of Indians who have stashed black money in foreign banks has finally been lifted.

    Two investigations, one by Tehelka and the other by news channel Headlines Today, have revealed the names of 15 Indians, who have stashed their black money in the LGT bank of Liechtenstein, a well-known tax haven nation, 190 km from Munich, Germany.

    While Tehelka has only listed the names of the 15 Indians, Headlines Today investigations exposes the identity of the fifteen.

    According to the channel, the list exposes the Kochi IPL co-owners, the Mehta brothers.

    The list revealed by the two investigations includes...

    1. Manoj Dhupelia
    2. Rupal Dhupelia
    3. Mohan Dhupelia
    4. Hasmukh Gandhi
    5. Chintan Gandhi
    6. Dilip Mehta
    7. Arun Mehta
    8. Arun Kochar
    9. Gunwanti Mehta
    10. Rajnikant Mehta
    11. Prabodh Mehta
    12. Ashok Jaipuria
    13. Raj Foundation
    14. Urvashi Foundation
    15. Ambrunova Trust

    Headlines Today claims the co-owners of Kochi IPl are on the list and the government agencies are investigating the details and the source of their black money.

    Tehelka, meanwhile, has claimed that it has not made public the details of the fifteen as it has approached each of them and is yet to get their response.

    Germany had officially handed over this list to the Indian Government on March 18, 2009. This means it is almost two years since the Indian Government had information about the names and bank account details of these eighteen Indians.

    The black money list has been a subject of suspense and political debate with Prime Minister Manmohan Singh and finance minister Pranab Mukherjee stating that this list cannot be disclosed to the Indian people and the opposition parties demanding that the government divulge all the details.

    The matter even attracted some strong comments from the Supreme Court.




     
  10. SHASH2K2

    SHASH2K2 New Member

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  11. SLASH

    SLASH Senior Member Senior Member

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    A leak....

    For all we know they might be linked to BJP. Why only 18 people have been given notices. What is the criteria? The government needs to give the public and explanation regarding this. Good opportunity for congress to malign BJP by disclosing their supported black marketers.

    Great!!! i like this game. Both the ruling party and the opposition will be digging up corruption scams against each other. Atleast the truth is coming out in the open. Even though its partial, but still the truth.
     
  12. SpArK

    SpArK SORCERER Senior Member

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    German, Swiss govts promise help on black money issue; assert secrecy


    Germany and Switzerland have promised full support to India in unearthing black money stashed in their countries, but have asserted that their secrecy clause - barring Indian government from making the names public - be strictly adhered to.

    Germany, which last year provided the names of some Indians having secret accounts in Liechtenstein's LGT Bank, will readily share more names whenever it comes across any, a German government official said.

    "Relevant data are always passed as a so-called spontaneous information from the (German) Federal Bureau of Taxes to the tax authorities of affected countries," a spokesperson for Germany's finance ministry said.

    However, the official added that such information can't be made public and should only be used by the competent authorities.

    A top Swiss government official also asserted that the information to be shared by Swiss authorities with India, once the revised tax treaty between two countries comes into force, can't be made public and should be "treated as secret."

    A spokesperson of Swiss finance ministry said from Berne that any information received should be treated as secret and should be disclosed only to persons or authorities, including courts and administrative bodies, involved in enforcement or prosecution procedures.

    He was referring to the "exchange of information" clause in the amending protocol, as per which the Indo-Swiss tax treaty is being revised to facilitate the sharing of details related to persons accused of tax evasion or fraud and have stashed illicit wealth in Swiss banks.

    The Indian government is facing intense pressure from opposition, as also courts, to act tough against those who have amassed illicit wealth in foreign countries that have strict secrecy rules.

    India is putting in place relevant treaties with both Switzerland and Liechtenstein, a European nation, to get access to details about Indians having illicit wealth in bank accounts there.

    However, names of certain entities having accounts in LGT Bank of Liechtenstein were given to India last year by Germany. These names were part of about 1,400 stolen bank account details that were purchased by Germany, which later shared the related details with India.

    The German official said that these details were shared with India "free of charge", on reciprocal basis.

    India has submitted to the Supreme Court the names it got from Germany, but has refused to make them public, citing secrecy clause in its treaties with foreign countries.

    However, some names have been published in the media, claiming them to be part of the list obtained from Germany.

    Reacting to these reports, the finance minister Pranab Mukherjee yesterday told reporters in Kolkata that the names could not be made public, but notices have been served to 17 entities in this case and prosecution has begun.

    http://www.dnaindia.com/india/report_german-swiss-govts-promise-help-on-black-money-issue-assert-secrecy_1503877
     
  13. SpArK

    SpArK SORCERER Senior Member

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  14. malluowl

    malluowl Regular Member

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    I bet they are the Indian diamond merchants in Antwerp. My gujju friends say most of those guys stash their money in Swiss banks but then again a lot of them are not Indian citizens anymore so I don't understand what good the list will do.

    Somebody is masterminding a game somewhere.
     

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