Indians swiftly empty their Swiss accounts !

According to the first report of the Special Investigation Team (SIT) on black money, that has been submitted to the Supreme court in August, black money account holders seem to be ferreting out money from their overseas accounts, even before the Government of India can begin to act against them. Some startling facts say there is no money left in 289 accounts of a list of 628 furnished by HSBC, implying that almost half the account holders evacuated funds they parked in these accounts before the Central Board of Direct Taxes could access their account statements. Almost 20 percent of the total entries, 122 cases, are joint account holders. Of these accounts search and seizure operations have been carried out in 142 cases. A total of 319 holders admitted to having accounts with HSBC, though the Swiss government has not handed over any information on the total 628 accounts despite efforts by the SIT. The SIT report also provides reports on the alleged black money cases being investigated by the CBI. The highest amount being investigated is in a Ponzi scheme in which PACL limited defrauded investors across the country of Rs.650 crore in the sale and development of agricultural land, which money was routed to Pearl Australasia and Pearl Australasia Miraj. In all cases under investigation the amounts being probed do not exceed Rs.650 crore, which shows that the sum of $1 trillion being bandied by the likes of Baba Ramdev is unlikely to be realised.