November 1st, 2011
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Kerala MP stocks money in Swiss bank

Black money in swiss bank New Delhi:  Kerala MP is under the income tax department scanner for having parked money in HSBC bank, Geneva. The income tax department is conducting a major operation against black money and money laundering. The minister has been summoned to appear for questioning at the Delhi office of I-T department’s recently-set up Directorate of Criminal Investigation (DCI), as per the report in Times of India. The MPs would be asked to explain the source of funds in the Geneva accounts. The name of the MP has not been released yet.

A senior finance ministry official told that looking at the gravity of the cases and their overall impact, the government has handed over the entire investigation to the Delhi office of DCI. This will also help prosecute those accused of parking black money in tax havens. Besides the Kerala MP, the others that have come under the scanner are a top Mumbai-based industrialist who during questioning admitted to having family accounts in HSBC, Geneva with deposits totaling more than Rs 800 crore and three Member of Parliament (MPs) from Haryana and Uttar Pradesh.

 

 



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