Swiss Bank Indian Black Money ??

Discussion in 'Foreign Relations' started by SHASH2K2, Jan 21, 2011.

  1. SHASH2K2

    SHASH2K2 New Member

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    Rudolf Elmer, an ex-employee of Swiss-based Bank Julius Baer, said there were 2,000 account holders high net worth people from US, Britain and Asia named in the documents, but refused to give details of the companies or individuals involved.

    He has previously offered files to WikiLeaks on financial activities in the Cayman Islands and faces a court hearing in Zurich on Wednesday to answer charges of coercion and violating Switzerland's strict banking secrecy laws.

    According to a report in Swiss newspaper Der Sonntag, the data covers multinationals, financial firms and wealthy individuals from many countries, including the UK, US and Germany, and covers the period 1990-2009.
     
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  3. SHASH2K2

    SHASH2K2 New Member

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    It is quite possible that Wikileaks expose could also cause a upheaval in Indian politics and hit some bigwigs. The common man in India burdened by rising prices and general apathy of government is imlporing Wikileaks to name the corrupt. ALLEGATIONS THAT there are billions of dollars in black money stashed away in Swiss banks by Indians might be proved if one believes the Wikileaks founder Julian Assange, who has promised to disclose the names of 2000 account holders, who have Swiss bank accounts.

    It is generally believed that a number of Indian industrialists, corrupt politicians and bureaucrats have deposited around 1500 billion dollars of ill gotten money in Swiss bank accounts. In fact information about some of these big names is known to the Indian government and in a recent move, the government was forced to reveal some of these names to the Supreme Court, although the government did so under the condition that the same should not be made be made public.

    The reason being that this information was classified as it was given by countries like USA and Germany under a confidential clause. However, the moot question is, if the government of India knows the names of such wrongdoers, who have looted the country and still are doing so, then why there has been no action against them?

    Don’t name the corrupt in public, but atleast take action on the basis of this information and stop this loot, the people are demanding. However, it seems that many in power and those close to them are happy with the way things are going on and this could be due to obvious reasons.

    Now coming to the much anticipated revelations promised by Assange, the whole of the country is waiting to know if some Indian names will also be exposed by his website. Recently, the Nira Radia tapes also exposed the unholy nexus between politicians, corporates, Indian bureaucrats and even the media and this lead to the ouster of a union cabinet minister.

    It is quite possible that Wikileaks expose could also cause a similar upheaval in Indian politics and hit some bigwigs. The common man in India burdened by rising prices, lack of opportunities and general apathy of government and administration is imploring the Wikileaks silently and in the heart of hearts to come out with names of such corrupt Indians.

    However, they know that even if these names are revealed, it would be tough to get these corrupt people convicted as they are not only powerful and rich but could also hold the strings of law themselves.

    The entire nation knows the fate of Bofors scandal, where the government and the CBI used all its resources to ensure that the case never came to conclusion and despite clear cut evidence of wrongdoing none of the corrupt could be brought to book.

    India is a country, where a person might be jailed for accepting a bribe of Rs 20 but if the amount is Rs 20 crores or Rs 200 crores, then the circle of justice just gets inverted. The bigger the crime, the lesser is the chance of getting caught and even less of being convicted.

    Recently, a former CVC of India was quoted as saying that corruption is a highly paying activity with a very low risk attached to it. It is time that this risk is multiplied and those, who break the law are made to pay for it.

    It is being hoped by the people of India, particularly the poor, who account 70 per cent of the population that billions of rupees that really belong to them are brought back from the Swiss banks. If the UPA government in the centre wants to redeem itself, then it should take cognizance of the Wikileaks revelations seriously, whenever the same are made.

    If any Indian name is revealed by the site, then the Congress lead government should immediately order an inquiry and take action against those, who have stashed away national money in Swiss bank accounts.

    This money in Swiss banks has been looted from the people of India and if it is brought back to the country, the entire foreign debt can be paid off and even after that a huge amount of spare cash would be left behind for development.

    But, who will do this. Does the Indian government and politicians have the strength of character and will to change the very rules of the game and put fear into the minds of those, who have been stealing from the people of India.

    We are waiting for Wikileaks to release the list.
     
  4. maomao

    maomao Veteran Hunter of Maleecha Senior Member

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    Zero tolerance, secret billions


    What was Rajiv Gandhi’s fatal error in politics? It does not need a seer to say that it was his claim to honesty — branding himself as ‘Mr Clean’ — that proved fatal to him. Indira Gandhi was his contrast. Asked about corruption in her government, she said nonchalantly, ‘it was a global phenomenon’. This was in 1983. An honest Delhi High Court judge even lamented how could corruption be controlled when someone holding such a high position had almost rationalised it. The result, no one could ever charge Indira Gandhi with corruption, because she never claimed to be clean. But, ambitious to look ideal, Rajiv proclaimed honesty and so provoked scrutiny; in contrast, Indira, opting to be practical, immunised herself against scrutiny. Eventually, Rajiv’s claim to honesty became the very cross on which he was crucified in the 1989 elections when the Bofors gun shot the Congress out of power. The lesson to the political class was: don’t claim to be honest, if you really are not so. The hard lesson seems forgotten now by the Gandhi family itself. Sonia Gandhi, instead of following Indira’s safe path, is wrongly caught on Rajiv’s risky steps. The consequences seem to be ominous. Will the politics of 1987 to 1989 repeat?
    Following Rajiv and forgetting Indira, Sonia Gandhi proclaimed ‘zero tolerance’ to corruption at a party rally in Allahabad in November 2010. She repeated it at the Congress plenary in Delhi weeks later. Asking the cadre to take the corrupt head on, she said that her party was ‘prompt’ in acting against the corrupt; ‘never spared the corrupt’ because corruption impedes development’. This was almost how Rajiv Gandhi spoke in the Congress centenary in Mumbai 25 years ago. Two crucial differences marked Rajiv away from Sonia. First, when Rajiv claimed to be ‘Mr Clean’, he had no scams to defend against. But, Sonia claims to be honest amidst huge and continuing scams — CWG, Adarsh, 2G Spectrum allocation scam…. Next, Rajiv had a clean slate to begin with, with no known skeletons in his cupboard till the Bofors scam smashed his ‘Mr Clean’ image. In contrast, Sonia’s slate is full of credible exposures of bribes and pay-offs in billions of dollars secreted in Swiss bank accounts, not counting Quattrocchi’s millions from Bofors. To make it worse, for almost two decades now, she has not dared to deny the exposures or sue the famous Swiss magazine or the Russian investigative journalist who had put out evidence of bribe against the Sonia family. Seen against this background, Sonia’s vow to act against the corrupt seems like a suspect hooting ‘catch the thief’ and scooting away. This is the main story that unfolds here.

    $2.2 billions to 11 billions!

    A stunning exposure on Sonia Gandhi’s secret billions in Swiss banks came, surprisingly, from Switzerland itself, where the world’s corrupt stash away their booty. In its issue of November 19, 1991, Schweizer Illustrierte, the most popular magazine of Switzerland, did an exposé of over a dozen politicians of the third world, including Rajiv Gandhi, who had stashed away their bribe monies in Swiss banks. Schweizer Illustrierte, not a rag, sells some 2,15,000 copies and has a readership of 9,17,000 — almost a sixth of Swiss adult population. Citing the newly opened KGB records, the magazine reported ‘that Sonia Gandhi the widow of the former Prime Minister Rajiv Gandhi was controlling secret account with 2.5 billion Swiss Francs (equal to $2.2 billion) in her minor son’s name’. The $2.2 billion account must have existed from before June 1988 when Rahul Gandhi attained majority. The loot in today’s rupee value equals almost Rs 10,000 crore. Swiss banks invest and multiply the clients’ monies, not keep them buried. Had it been invested in safe long-term securities, the $.2.2 billion bribe would have multiplied to $9.41 billion (Rs 42,345 crore) by 2009. If it had been put in US stocks, it would have swelled to $12.97 billion (Rs 58,365 crore). If, as most likely, it were invested in long-term bonds and stocks as 50:50, it would have grown to $11.19 billion (Rs 50,355 crore). Before the global financial meltdown in 2008, the $2.2 billion bribes in stocks would have peaked at $18.66 billion (Rs 83,900 crore). By any calculation the present size of the $2.2 billion secret funds of the family in Swiss banks seems huge — anywhere between Rs 43,000 plus to some Rs 84,000 crore!

    KGB papers

    The second exposé, emanating from the archives of the Russian spy outfit KGB, is far more serious. It says that the Gandhi family has accepted political pay-offs from the KGB — a clear case of treason besides bribe. In her book The State Within a State: The KGB and its Hold on Russia-Past, Present, and Future, Yevgenia Albats, an acclaimed investigative journalist, says: “A letter signed by Victor Chebrikov, who replaced Andropov as the KGB head in 1982 noted: ‘the USSR KGB maintains contact with the son of the Premier Minister Rajiv Gandhi (of India). R Gandhi expresses deep gratitude for the benefits accruing to the Prime Minister’s family from the commercial dealings of the firm he controls in co-operation with the Soviet foreign trade organisations. R Gandhi reports confidentially that a substantial portion of the funds obtained through this channel are used to support the party of R Gandhi’.” (p.223). Albats has also disclosed that, in December 2005, KGB chief Victor Chebrikov had asked for authorisation from the Central Committee of the Communist Party of the Soviet Union, “to make payments in US dollars to the family members of Rajiv Gandhi, namely Sonia Gandhi, Rahul Gandhi and Ms Paola Maino, mother of Sonia Gandhi.” And even before Albats’ book came out the Russian media had leaked out the details of the pay-offs. Based on the leaks, on July 4, 1992, The Hindu had reported: “the Russian Foreign Intelligence Service admits the possibility that the KGB could have been involved in arranging profitable Soviet contract for the company controlled by Rajiv Gandhi family”.
    Indian media


    Rajiv Gandhi’s sad demise delayed the Swiss and Russian exposé on Sonia being picked up here. But Indian media’s interest in it actually coincided with Sonia Gandhi assuming leadership of the Congress. A G Noorani, a well-known columnist, had reported on both Schweizer Illustrierte and Albats’ exposés in Statesman (December 31, 1988). Subramanian Swamy had put out the photocopies of the pages of Schweizer Illustrierte and Albats’ book in his website along with the mail of the Swiss magazine dated February 23, 2002 confirming that in its article of November 1991 it had named Rajiv Gandhi with a total of Swiss Franc 2.5 billion ($2.2 billion) in secret account; it had also offered to supply a original copy of the magazine to Swamy. (See: http://www.janataparty.org/annexures/ann10p43.html) These facts were again recalled in my article in The New Indian Express (April 29, 2009) written in response to Sonia Gandhi speech at Mangalore (April 27, 2009) declaring that, “the Congress was taking steps to address the issue of untaxed Indian money in Swiss banks”. The article had questioned her about her family’s corrupt wealth in Swiss banks in the context of her vow to bring back the monies stashed away abroad. Rajinder Puri, a reputed journalist, has also earlier written on the KGB disclosures in his column on August 15, 2006. Recently, in India Today (December 27, 2010) the redoubtable Ram Jethmalani has referred to the Swiss exposé, asking where is that money now? So the Indian media too has repeatedly published the details of the secret billions of the Gandhi family investigated by the Swiss and Russian journalists. Amal Datta (CPI(M)) had raised the $2.2 billion issue in Parliament on December 7, 1991, but Speaker Shivraj Patil expunged the Gandhi name from the proceedings!

    Self-incriminating


    But, what has been the response of Sonia or Rahul, major after June 1988, to the investigation by Schweizer Illustrierte and Albats and to the Indian media’s repeated references to their investigation? It can be summed up in one word: Silence. Thus, apart from the exposés, the deafening silence of the Gandhis itself constitutes the most damaging and self-incriminating evidence of the family’s guilt. When Schweizer Illustrierte alleged that Sonia had held Rajiv Gandhi’s bribes in Rahul’s name in Swiss banks, neither she nor the son, protested, or sued the magazine, then or later; nor did they sue A G Noorani or Statesman when they repeated it in 1998, or later; nor would they sue Subramanian Swamy when he put it on his website in 2002; neither did they sue me, or the Express when the article was carried in April 2009. When major papers, The Hindu and The Times of India included, had carried the expose on KGB payments in the year 1992 itself adding that the Russian government was embarrassed by the disclosures, neither of the Gandhis challenged or sued them; nor did they sue Yevgenia Albats when she wrote about KGB payments to Rajiv Gandhi in 1994. Neither did they act against Swamy when he put Albats’ book pages on his website or when Rajinder Puri, a well-known journalist, wrote about it in his column on August 15, 2006. However, a feeble but proxy suit was filed by Sonia loyalists to defend her reputation when Albats’ exposé was made part of the full-page advertisement in The New York Times in 2007 issued by some NRIs to ‘unmask’ Sonia to the US audience, as they claimed. The suit was promptly dismissed by a US court because Sonia herself did not dare file the suit. Shockingly even that suit did not challenge the $2.2 billion Swiss account at all!
    Imagine that the report in Schweizer Illustrierte or in Albats book was false and Sonia Gandhi did not have those billions in secret accounts in Rahul Gandhi’s name or the family was not paid for its service to the KGB as alleged. How would they, as honest and outraged people, have reacted? Like how Morarji Desai, then retired and old at 87, responded in anger when, Seymour Hersh, a Pulitzer Prize-winning investigative journalist, had mentioned in his book that Morarji Desai was a ‘paid’ CIA mole in the Indian Cabinet. Morarji Desai forthwith filed a libel suit. Commenting in The American Spectator, Rael Jean Isaac wrote in 2004, five years after Morarji Desai had passed away, that Hersh habitually indulged in character assassination; and in his attempt to do down Henry Kissinger, Morarji Desai became the victim. Isaac added that Desai, 87, calling it a “sheer mad story”, reacted in outrage with a libel suit seeking $50 million in damages. When the suit came up, as Desai, 93, was too ill to travel to US, Kissinger testified on Desai’s behalf, flatly contradicted Hersh’s charge and stated that Desai had no connection to the CIA. That is how even retired and old persons, honest and so offended and outraged, would act. But see the self-incriminating contrast, the complete absence of such outrage, in Sonia, who is reigning as the chairperson of the UPA now, neither retired or tired like the nonagenarian Morarji Desai, being just 41 when the story broke out in Schweizer Illustrierte. Imagine, not Sonia or Rahul, but Advani or Modi had figured in the exposés of Schweizer Illustrierte or Albats. What would the media not have done to nail them? What would the government of Sonia not have done to fix them?

    Rs 20.80 lakh-crore loot


    The billions of the Gandhi family being both bribes and monies stashed away in Swiss banks, they are inextricably linked to the larger issue of bringing back the huge national wealth stashed abroad. All world nations, except India, are mad after their black wealth secreted in Swiss and like banks. But India has shown little enthusiasm to track the illicit funds of Indians in Swiss and other banks.

    Why such reticence?


    When during the run-up to the 2009 Lok Sabha elections, the BJP leader L K Advani promised to bringing back, if voted to power, Indian monies estimated between $500 billion and $1.4 trillion stashed abroad, the Congress first denied that there was such Indian money outside. But when the issue began gathering momentum, Manmohan Singh and Sonia Gandhi had to do damage control and promise that the Congress too would bring back the national wealth secreted abroad. Global Financial Integrity (GFI), a non-profit institution working against global black funds, has recently estimated that the Indian wealth secreted away is about $462 billion, approximately equal to Rs 20.80 lakh-crore. The GFI says that more than two-thirds of it was looted away under the liberalisation regime. This is what the GFI says about the character of the loot: “From 1948 through 2008, India lost a total of $213 billion in illicit financial flows (or illegal capital flight)” through “tax evasion, corruption, bribery and kickbacks, and criminal activities”. Does one need a seer to say under what head would the $2.2 billion in Sonia family’s secret account (which would have grown to $9 to $13 billion by now) fall? But accretions, if any, from the loot in 2G and CWG where the numbers are even bigger are not still accounted. Now comes the more critical, yet practical issue. When the Sonia Gandhi family is among the suspects who have secreted away monies abroad, how will it affect the efforts to bring back the wealth stashed away by others?

    Looters safe

    Just a couple of examples will demonstrate how the government is unwilling to go after Indian money secreted abroad. As early as February 2008 the German authorities had collected information about illegal money kept by citizens of different countries in Lichtenstein bank. The German finance minister offered to provide the names of the account holders to any government interested in the names of its citizens. There were media reports that some 250 Indian names were found in the Lichtenstein Bank list. Yet, despite the open offer from Germany to provide the details, the UPA-II government has never showed interest in the Indian accounts in Lichtenstein Bank. The Times of India reported that “the ministry of finance and PMO have, however, not shown much interest in finding out about those who have their lockers on the secret banks of Liechtenstein which prides itself in its banking system”. But under mounting pressure the Indian government asked for details not under the open offer but strategically under India’s tax treaty with Germany. What is the difference? Under the tax treaty the information received would have to be kept confidential; but, if it were received openly, it can be disclosed to the public. Is any further evidence needed to prove that the government is keen to see that the names of Indians who had secreted monies abroad are not disclosed?

    The second is the sensational case of Hasan Ali, the alleged horse-breeder of Pune, who was found to have operated Swiss accounts involving over Rs 1.5 lakh-crore. The income tax department has levied a tax of Rs 71,848 crore on him for concealing Indian income secreted in Swiss accounts. This case is being buried now. The request sent to the Swiss government was deliberately made faulty to ensure that the Swiss would not provide details. Some big names in the ruling circles are reportedly linked to Hasan Ali. That explains why the government would not deepen the probe. It is Hasan Alis and the like who transport through hawala the bribes of the corrupt from India. If Hasan Ali is exposed, the corrupt will stand naked. This is how the hawala trader and the corrupt in India are mixed-up.
    Is it too much to conclude that thanks to Sonia family’s suspected billions in Swiss accounts the system cannot freely probe the $462 billion looted from India at all? Tail-pieces: The total wealth of both Gandhis, as per their election returns, is just Rs 363 lakh, Sonia owning no car. Sonia lamented on November 19, 2010, that graft and greed are on the rise in India!! Rahul said on December 19, 2010, that severe punishment should be given to the corrupt!!! Amen.

    http://expressbuzz.com/biography/zero-tolerance-secret-billions/236261.html
     
    SHASH2K2 likes this.
  5. Blackwater

    Blackwater Veteran Member Veteran Member

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    West Indies countries and few near India like Marutius etc are tax heaven as these are tax free countries. Every politician and bussinesman first open fake companies in these countries than route money out of India through them to world over including Swiss bank. 90% of companies owns IPL teams are registered in west indies or marutius. It is very difficult to find actual names of account holder as transaction are made in companies name which are run by third party.
     

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