Black money case has taken its toll in the country; finally on Wednesday central government presented names of the 627 Indian account holders in HSBC bank, Switzerland before the Supreme Court. SC forwarded the list to Special Investigative Team (SIT) and asked to go through the list so that appropriate action could be taken against the illicit money holders in accordance with the law.
Justice MB Shah, head of the SIT, went through the list and found no significant advancement in the report submitted by the government since June 2014. “I don’t think there is anything significant in the report. The list is the same as before. It was known to us. We have to question the people in the list” Justice Shah said in an interview. “We are back to square one on the black money probe” he added.
Shah said it was the same black money list which was given to them in June but it does not seem that government is trying to protect anyone. He further added that the black money probe needs thorough investigation that will be time consuming. “The probe is a difficult one. There is no eyewash. The report will take time. We have already filed the first report in August. I’m hopeful that we should be able to file the final report by next year,” Justice Shah said.
According to the reports, Germans were able to bribe a HSBC Bank worker and obtained the list of account holders in 2006. French got their hands on the list and gave the names to the Indian government in 2011. Since then list hasn’t been updated.
But major problem in the case is to prove that money deposited in Swiss Bank is illicit money. Some account holders have already accepted that they have an account in HSBC Bank and have paid tax regularly.