Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries.
Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts.
The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery. Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai.
Under pressure from India and other countries, Switzerland has made key changes in its local laws governing assistance to foreign nations in their pursuit of black money allegedly stashed in Swiss banks.
In the past, several other Indian nationals have been named in such notifications after the Swiss FTA was approached by Indian authorities for information about those people with regard to the pending tax-related probes against them.
Continuing to shed its famed banking secrecy veil, Switzerland today made public more names about which it has been approached from abroad for information, even as it published fresh gazette notifications about two Indians -- Sayed Mohammed Masood and Chand Kauser Mohammed Masood.
The income tax department is asked to keep names of blackmoney holders under wraps.
Indore-based textiles firm Neo Corp is the latest in a series of Indian names that have been published in the official gazette of the Swiss govt.
