500 billion US dollar stashed in tax havens by Indians : CBI
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New Delhi, Feb 13 : CBI Director Amar Pratap Singh today said Indians are the largest depositors of black money in foreign banks and about 500 billion US dollars or about Rs 24.5 lakh crore of illegal money has been stashed away by Indians in tax havens.
''India, in particular, has suffered from the flow of illegal funds to tax haven countries such as Switzerland, Lichtenstein, British Virgin islands, Mauritius and others,'' he said speaking at the inauguration of first Interpol global programme on anti-corruption and asset recovery.
Mr Singh said the largest depositors in Swiss Banks were reportedely also Indians.
Highlighting the complex issue of jurisdiction in asset recovery, he said criminals use this very aspect to their advantage, often spreading the crime over two or more countries.
''The global financial market allows money to travel further and faster than ever before. Lack of political will in tax haven countries to part with information also adds to the challenge to trace ill-gotten assets,'' he added.
The CBI Director said getting information about such illegal transactions is a time consuming process as investigators have to peel each layer by sending judicial requests to the country where such deposits have been made.
He said tracing, freezing, confiscation and repatriation of stolen assets is a legal challenge, a complex process which requires expertise and political will.
''Managing the asset recovery investigation is complex, time consuming and costly process. Most important it requires expertise and political will. There are many obstacles to asset recovery. Not only it is a specialised legal process filled with delays and uncertainty, but there are also language barriers and a lack of trust when working with other countries,'' Mr Singh said.
He added that in some of the recent high-profile cases of corruption such as 2G spectrum scam and 2010 Commonwealth Games scam, the CBI found that money was taken to Dubai, Singapore and Mauritius from where it goes to Switzerland and other such tax havens.
Mr Singh further said systems and procedures which are opaque, complicated, centralised and discretionary are a fertile breeding ground for corruption.
He called for innovative solutions to tackle corruption as it is a complex socio-economic and cultural phenomenon.
''The support of the global community through Interpol and other multilateral organisations is essential in tackling corruption and asset recovery,'' he added.
He hoped that the Interpol's global programme will sensitise participating countries to mutual legal assistance in trans border investigations. (UNI)
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500 billion US dollar stashed in tax havens by Indians : CBI
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