Swiss Banking disclosures by Arvind Kejriwal

On 9.11.2012, Anti-corruption activist made a press statement saying that there are Rs. 6000 crores in just 700 accounts in HSBC Bank.We have analysed the position of these allegations in line with our research published on corruption and the impact of FCPA

Forget the politics involved in the statements made by Kejriwal but the objective assessment of the financial system is really essential. Some of his major Allegations are

1. The paper we will present today suggests that black money in Swiss banks can return to India but will not since the govt is in  cahoots with criminals.
2. The present CBI director estimates there are over 500 crores stashed abroad.
3. We got a CD – HSBC’s Geneva branch has 700 accounts of Indian nationals. That list is available with the government with the amounts in the accounts in December 2006.
4. We do not have the full list  but we have some names- Mukesh Ambani  has Rs. 100 crores.
5. Anil Ambani has Rs. 100 crores
   Sandeep Tandon – former IRS, ED official – who raided Reliance has Rs. 125 crores
6. Reliance Industries Rs. 200 crores
   Sandeep Tandon’s wife Anu, who is now Congress MP from Unnao – and a member of Rahul Gandhi’s core group – has Rs. 125 crores.
7. Motech Software Private Ltd (Reliance Group company) – Rs. 2,100 crores
8. Kokila Dhirubhai Ambani has an account but in December 2006 it had no balance.
9. Naresh Goyal has Rs. 80 crores.
10. From Dabur – 3 members have accounts – totalling Rs. 25 crores.
11. Yashovardhan Birla has an account but in December 2006 it has no balance.
12. CBI had said there is Rs. 25 lakh crores – these 700 names account for only Rs. 6000 Crores.
13. In 28 July 2011, the Income Tax (IT) Department raided three people in Delhi based on this list.
14. Opening an account in a Swiss bank is easier than opening an account in SBI Bank. For a Swiss bank account you need to just make a call. for an SBI account you need to visit the branch. This is real easy – why would you have an SBI account – just go to a Swiss Bank. – We analysed this in detailed and have created a separate article on the same.
15. Finance Ministry sources say that Mukesh Ambani met Finance Minister and said ” they were prepared to pay tax to buy peace.”
16. Even Mukesh Ambani must explain how the Rs. 100 crores reached Swiss bank, how the account was operated – do they indulge in Hawala transactions? And if they do then they should have been arrested.
17. All the people – they should furnish all details of their accounts – all the debit entries must be checked.
18. We would then know who all were bribed by money paid out from these accounts.
19. We demand a raid immediately be carried out on Mukesh Ambani, Anil Ambani, Naresh Goyal, Yash Birla and the three Dabur brothers – and if hawala is proved, they should be arrested.
20. Voluntary Disclosure Scheme (VDS) was designed to save these 700 people.
21. The government lied in Parliament that it had info of Rs. 565 cr – we know there was info of Rs. 6000 crores and they have recovered only Rs. 181 crores.
22. HSBC is promoting kidnapping, corruption and terrorism in India by facilitating Hawala.
23. In Pakistan, if someone wants money to reach India, they can do it through HSBC.
24. In July, the US government realised that HSBC had some transactions which was making US vulnerable to drug , terror and illicit money. In that probe, they realised that HSBC operations in India were suspect.
25. The Union Government gave a clean chit to HSBC employees in one month.
26. The UBS bank shared a list of  account holders with the US government – if the government wants HSBC and UBS operations in India can be shut down and their bosses arrested.
27. HSBC’s top officers should be arrested and cases should be made out for waging war against India.
28. HSBC’s operations in India should be suspended – they should be forced to make a disclosure of accounts held by Indians – and the government should make it public.