Swiss and Indian tax authorities send notices to 3,500 Indians hiding black money in Swiss-based banks

New Delhi – Nearly 3,500 Indians hiding their black money in Switzerland-based banks have been sent notices by Swiss and Indian tax authorities. The names of 7 individuals as well as a number of trusts and entities have also been spelled.

The 7 individuals are – Atul Punj, Gautam Khaitan, Satish Kalra, Vinod Kumar Khanna, Dullabhbhai Kunverji Vaghela, Revaben Dullabhai Kunverji Vaghela and Balwantkumar Dullababhai Vaghela. In some cases, heirs of the reportedly deceased have been asked to respond to the notices.

The trusts named in the notices include The P Devi Children’s Trust, The P Devi Trust, The Dinod Trust and The Agarwal Family Trust. Similar notices have also been issued in the names of Devi Limited and India-based Aadhi Enterprises Pvt Limited, among others. Some of these entities are suspected to have been used by politicians to hide their illicit wealth, including through organisation or Trust. (Merely sending notices to the tax evaders is not good enough. The Government should severely punish them. The names of all individuals holding black money in Swiss banks should be disclosed so their reputation is besmirched. – Editor)