Indian Black Money: The Swindler's List
In February 2011, the magazine Tehelka published what the Manmohan Singh government had refused to disclose for nearly two years: the names of Indians allegedly holding secret accounts at LGT Bank in Liechtenstein. It called the story "The Swindler's List."
The backstory: in 2008, data stolen from LGT -- a bank owned by Liechtenstein's ruling family -- covering some 1,400 clients was sold to German tax authorities. From it, Germany identified 18 Indian account holders and handed the names to New Delhi in March 2009. Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee repeatedly refused to make the list public, citing the confidentiality clauses of the Double Taxation Avoidance Agreement with Germany. The BJP and the Left accused the government of shielding tax evaders and doing too little to bring the money back.
Tehelka said it had accessed 16 of the 18 names and chose to publish 15 -- individuals and trusts -- withholding addresses, businesses, and amounts until the people named had a chance to respond. The magazine reported that the investigation into these accounts was close to completion, that the Central Board of Direct Taxes would prosecute for tax evasion and concealment of income, and that one account holder was being examined for suspected links to a well-known politician. It said it was holding back the name of a major corporate chairman until it had his full version.
The list below reproduces the names exactly as Tehelka published them in February 2011:
- Manoj Dhupelia
- Rupal Dhupelia
- Mohan Dhupelia
- Hasmukh Gandhi
- Chintan Gandhi
- Dilip Mehta
- Arun Mehta
- Arun Kochar
- Gunwanti Mehta
- Rajnikant Mehta
- Prabodh Mehta
- Ashok Jaipuria
- Raj Foundation
- Urvashi Foundation
- Ambrunova Trust
Tehelka noted that the three trusts were registered outside India.
In February 2011, this was the story: for the first time, Indians could read the names their government had kept sealed for two years -- and the black-money debate, already running hot, acquired its first cast of characters.
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