Investigations say they have already mopped up a “massive amount” — running into “hundreds of crores” — as unpaid taxes from among the 700 numbered bank accounts held by Indians in HSBC Bank in Geneva in the ongoing scrutiny of what is considered a sprawling black money trail.
In fact, Rs 40 crore has been recovered from Delhi-based account holders and Rs 60 crore from just one account holder in Chennai alone.
As reported first by The Indian Express (August 8, 2011), it was in July that French authorities passed on details of these accounts to India.
Of the total list, 70 account holders were based in Delhi and 18 of them were searched while six account holders volunteered to pay their tax dues.
To date, the HSBC Delhi list has yielded unpaid taxes to the tune of Rs 40 crore with account holders understood to have been holding between Rs 7 crore and Rs 40 crore in their accounts. Said a key official: “It is only in two cases that investigation showed taxes had been paid as per norms. Over 95% of the deposits can be described as black money. The case, we hope, will be a deterrent for others who are holding huge deposits in banks abroad.’’
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