Black Money: Indians have stashed over $500 billion in banks abroad, says CBI
Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI Director said today. India , in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius , Switzerland , Lichtenstein, British Virgin islands etc. "It is estimated that around 500 billion dollars of illegal money belonging to Indians is deposited in tax havens abroad. Largest depositors in Swiss Banks are also reported to be Indians," CBI Director A P Singh said speaking at the inauguration of first interpol global programme on anti-corruption and asset recovery. He said getting information about such illegal transactions is a time taking process as investigators have to peel each layer by sending judicial requests to the country where such deposits have been made. "53 per cent of the countries said to be least corrupt by the Transparency Internation...
