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121 cases against HSBC account holders : Black Money


  • The Income Tax department filed 121 cases for prosecution of  entities whose names have appeared in the HSBC Geneva bank
  • Undisclosed income  of Rs 4,800 crore has been brought under tax net in these cases at the end of the last fiscal.
  • A report  has been sent to the Special Investigation Team (SIT) on black money which is compiling all the figures and data to present an action taken report before the Supreme Court on or before May 12.
  • The I-T department has been investigating 240 HSBC cases.
  • Till December 31 last year, assessments were completed in 128 of these cases by the I-T department out of the total 628 Indian names or entities reported on the stolen HSBC list provided by France to India .
  • Out of the said 628 people, 200 were either non-residents or non-traceable, leaving 428 cases to be actionable.
  • Details of more than 1,000 suspected account holders from India, were claimed to have been disclosed through a joint investigation by an international body –the International Consortium of Investigative Journalists.
  • The entire HSBC list features names of 1,668 Indians while the number of actionable cases stands at 1,195 after taking into account duplication and other factors.

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