50 Indians named in list of Swiss bank accounts holders, details shared with Modi govt

Switzerland had started helping India with its initiative of cracking down on black money after evidence of financial and tax-related wrongdoings were submitted by India.

The logo of Swiss bank UBS in front of the Swiss Federal Palace in Berne.

Switzerland has reportedly revealed the names of about 50 Indian nationals having accounts in its banks. This marks the progress of PM Narendra Modi's initiative in 2014 to crack down on black money in Switzerland-based banks. The two countries have signed a global automatic exchange of information framework for the exchange of information in cases of financial wrongdoings.

People named by Switzerland include businessmen, politicians and individuals associated with illicit and dummy companies ranging from sectors like real estate to financial services. The officials helping in mutual administrative assistance between the countries are trying to keep the assessment transparent so that the data output can be reliable.

Switzerland is also supportive of the initiative to shed a long-standing perception of it being a safe haven for black money.

Some of the Indian nationals brought into the limelight by Switzerland are:

Krishna Bhagwan Ramchand, Potluri Rajamohan Rao, Kalpesh Harshad Kinariwala, Kuldip Singh Dhingra, Bhaskaran Nalini, Lalitaben Chimanbhai Patel, Sanjay Dalmia, Pankaj Kumar Saraogi, Anil Bhardwaj, Tharani Renu Tikamdas, Mahesh Tikamdas Tharani, Savani Vijay Kanaiyalal, Bhaskaran Tharur, Kalpeshbhai Patel Mahendrabhai, Ajoy Kumar and Dinesh Kumar Himatsingka, Ratan Singh Chowdhury and Kathotia Rakesh Kumar.

As per the Swiss laws, there were some names disclosed only with initials due to the bank's terms of giving appeal opportunities and giving a time frame of 10 days to prove to verify the authenticity of assets. Some of the names falling in the category are:

NMA, MMA, PAS, RAS, ABKI, APS, ASBK, MLA, ADS, RPN, MCS, JNV, JD, AD, UG, YA, DM, SLS, UL, SS, RN, VL, UL, OPL, PM, PKK, BLS, SKN, and JKJ.

hsbc, hsbc fraud, hsbc fraud charges, hsbc probe for tax evasion — Reuters file

The lists also included the names of convicts in the Panama Papers. There were names of people who were probed by the Income Tax Department and the Enforcement Directorate.

Switzerland had started helping India with its initiative of cracking down on black money after evidence of financial and tax-related wrongdoings were submitted by India. Both countries have been trying to increase transparency and prevent cross-border tax evasion as soon as possible.