City diamond traders get black money notice
Two Mehta Clans Among 26 With Liechtenstein A/Cs
(Times of India, Mumbai edition of 06-02-2011, page no.01)
New Delhi/Kolkata: The central government has served notices on 17 Indian nationals, including Mumbai’s well-known diamond traders, who are found to have allegedly stashed away money in secret bank accounts in Liechtenstein.
Finance minister Pranab Mukherjee also told reporters in Kolkata that the names of Indians having illicit accounts in Liechtenstein will officially be made public during court proceedings. “We have received a few names and already served notices on 17 persons and prosecution has begun,” he said.
Mukherjee was reacting to the disclosure in media of names of those holding deposits in LGT Bank of Liechtenstein - a tax haven sandwiched between Germany and Austria. The list of Indians holding accounts in LGT Bank that was made available by Germany last year is made up of 26 individuals and 12 trusts.
Most of the individuals belong to known Mumbai-based diamond trading families and, sources say, include front-ranking names like Harshad Mehta and his brothers Dilip and Arun. Known for his links to a top politician from Maharashtra, Harshad also owns a 12% stake in the Kochi IPL team.
The list sports another Mehta clan, also a well-known diamond trading family that started Mumbai’s Lilavati Hospital. The LGT account of Kirtilal Mehta, the family elder who died in the early 90s, may have become non-operational. His children Prabodh and Rashmi also have accounts with the bank.
Manoj Dhupelia, Rupal Dhupelia and Mohan Dhupelia, who figure on the list, are believed to be from a business family in Kolkata that is into import-export. As the names came out, the BJP kept up its chant that the government lacks the will to recover black money hoarded abroad.
WHEN BLACK CAME TO LIGHT
March 2009 |
German govt sends New Delhi list of Indians holding accounts in banks in Liechtenstein, a tax haven. Indian government says names can’t be disclosed on grounds of confidentiality
Feb 4 |
Tehelka blows the lid, publishes names of 15 individuals and trusts holding secret accounts in Liechtenstein banks. Many are diamond merchants of Mumbai. Sources claim top diamond trader Harshad Mehta and his brothers Dilip and Arun are on this list There are also reports in a section of the media that the Mehtas who started the Lilavati Hospital in Mumbai are on this list, including Kirtilal Mehta, his children Prabodh and Rashmi. Another business family from Kolkata also on the list
Next day Finance minister Pranab Mukherjee says govt has served notices to 17 people who have clandestine accounts in foreign banks. His one-liner: “We have received a few names and served notices on 17 persons and prosecution has begun”
PARALLEL ECONOMY?
Estimate of black money inside and outside the country vary. A BJP task force estimated the amount at anything between $500 billion to $1,400 billion
A Global Financial Integrity study said the illicit money outflow from India was $462 billion
COMMENT : Notice the Indian's stashing away India's wealth, AFTER THE BRITISH LEFT INDIA.