In some 400 cases of Indians with deposits in HSBC, Geneva, details were received from the French government in 2011. In this case the government had received information about 628 bank accounts of which 213 were found ‘not actionable’ as they either had no money in the accounts or they belonged to NRIs. In some cases the entities were untraceable.
Another set of information disclosed in 2013, a Washington based organisation detected undisclosed income of Rs.5000 crore in foreign bank accounts allegedly linked to 700 Indians. So far the I-T department has filed 55 prosecution complaints.
In the HSBC Geneva case authorities have announced prosecution proceedings in 75 cases.
The courts have taken cognizance in most of the complaints, thereby paving the way for the Enforcement Directorate to initiate action under the Prevention of Money Laundering Act.
The I-T report said many Indians whose names appeared in the cases had filed declarations under the black money declaration window scheme, that the government had launched during 2015. However those against whom the department had already launched a probe were not eligible for any relief.