Black Money focus on the man at the back!

India's Swindler’s List

On 18 March 2009, the German Government had officially passed on to the Indian authorities the names and bank account details of 18 Indians who had stashed their alleged ill-gotten wealth in the LGT bank of Liechtenstein, a well-known tax haven nation, 190 km from Munich, Germany. Prime Minister Manmohan Singh and Union Finance Minister Pranab Mukherjee have since said more than once that this list cannot be disclosed to the Indian people. Tehelka magazine (February 12, 2011 issue) accessed 16 of the 18 names, of which they have published 15. It is not known why they have withheld the names of the other three. Following is the list publsihed by Tehelka which we publish without prejudice: 1. Manoj Dhupelia, 2. Rupal Dhupelia, 3. Mohan Dhupelia, 4. Hasmukh Gandhi, 5. Chintan Gandhi, 6. Dilip Mehta, 7. Arun Mehta, 8. Arun Kochar, 9. Gunwanti Mehta, 10. Rajnikant Mehta, 11. Prabodh Mehta, 12. Ashok Jaipuria, 13. Raj Foundation, 14. Urvashi Foundation, 15. Ambrunova Trust.

Hasan Ali never had an account with us: USB

The government has been claiming that a detailed investigation into all the bank account details provided by Germany is underway but has so far told nothing to the Indian public. The two main charges against these individuals are of tax evasion and concealment of income. The authorities  believe that some of these account holders could be fronts for high profile individuals. Tehelka held back the name of the chairman of a major Indian corporation waiting for “his full version.” It added that the Indian names figuring in LGT Bank list are only “a tip of the iceberg” as experts estimate that Rs 65 lakh crores of ill-gotten wealth earned by Indians is stored in Swiss banks alone. Tehelka quoted R Vaidyanathan, Professor of Finance at the Indian Institute of Management, Bengaluru, the average amount stashed away by Indians in offshore tax havens between 2002 and 2006 was $136.5 billion. Apart from the 18 names provided by the German government, there are hundreds more, yet the focus is only on Ali Hassan and Shahid Balwa. Any common denominator? Both are Muslims.

Read also: 26 names: the tip of black money iceberg

This article appeared in The Milli Gazette print issue of 1-15 April 2011 on page no. 6

We hope you liked this report/article. The Milli Gazette is a free and independent readers-supported media organisation. To support it, please contribute generously. Click here or email us at

blog comments powered by Disqus