The list of Indians with accounts in LGT Bank, in European tax haven Liechtenstein, that is now with the government shows that 18 individuals collectively put away Rs 39.66 crore during 2002-04 in trusts with the bank.
These individuals (see below) include businessmen in Kolkata, Mumbai, New Delhi and Chennai and members of their families. Their total tax penalty has been estimated at Rs 24.27 crore and recoveries have already begun from 17 of the 18 named.
The list, accessed by The Indian Express, is now with the Enforcement Directorate. A copy has to be sent to the CBI as the Supreme Court has said that either the National Intelligence Agency or the CBI should go after sources of these deposits rather than just rely on the Income-Tax Department for unearthing alleged income concealment and tax evasion.
The agencies have to probe whether these LGT deposits were involved with any alleged money laundering or whether the money parked abroad is proceeds from terrorist activities, drug peddling, smuggling, arms deals or activities against national security.
Originally published at https://www.youtube.com/watch?v=vj4O5iPB4X4