Goa Black Money Ghost – Rs 49,000 Crore in Swiss Banks

GoaChronicle.com brings in exclusive expose into the recently revealed list of 700 names of account holders who are businessmen, politician, bureaucrats and power-brokers from India and their stashed money in Swiss Banks which was released last month by the French Government. Enforcement Directorate has revealed that twenty-three politicians from Goa and owners of four mining companies feature in the list….



In the list of 700 names released by the French Government to the Indian Government last month, Enforcement Directorate have revealed exclusively to GoaChronicle.com that Rs 49,000 crore belongs to politicians and businessmen from Goa is the amount in different Swiss Banks. These bank accounts are owned by 23 politicians and also include owners of four mining companies from Goa.

Two former Chief Ministers of Goa feature in the list. One minister is said to have two accounts in the USB, Geneva where in Rs 4700 crore is saved in his accounts. The other ex-Chief Minister has also got two accounts but in the Rothschild Bank, Geneva where in Rs 3890 crore is saved.
Of the 23 politicians, there are 13 former ministers hold more than two banks across three prominent banks in Switzerland namely – UBS, Rothschild Bank and Bank Frey & Co AG. Some of the former ministers have also got a minimum of one account in the Alternative Bank ABS and Aareal Bank AG.

In the current government, 6 cabinet rank ministers have more than two bank accounts each in USB Geneva and Rothschild Bank. Enforcement Directorate sources reveal that the amount stashed is close to shocking figures of Rs 22,000 crore. Most ministers have two main bank accounts and also 3 sub-accounts in their names.
ED was not forthcoming on the names of the 6 ministers, but we were hinted in the direction that most connections of the ministers lie within the mining, real estate and other infrastructure related sectors; connections to drug mafia and casinos are also considered. That seems to be case with also the former 13 ministers who had some point of time dealt with similar portfolios in the past fifteen years.

While our sources in ED where not forthcoming with names of the owners or the mining companies, they have however revealed that from Goa four mining companies owners names feature in the list of 700 in possession with the Indian government.
The government last month received a list of some 700 bank accounts in Switzerland from the French government and investigations are already underway to determine whether any of the account holders evaded taxes.
Officials in the Finance Ministry admit in private that details of the majority of the accounts had already been received through diplomatic channels while other account details were awaited.

Finance Minister Pranab Mukherjee is said to be aware of the developments and the Central Board of Direct Taxes (CBDT) has been asked to scrutinize each account to probe possible tax evasion.
The Finance Ministry is learnt to have consulted Attorney General Goolam Vahanvati on the implications of the transfer of sensitive bank data and he is said to have pointed to provisions in Indian tax laws by which tax violations and criminality, wherever applicable, could be made out by using data received through such channels.

In this list, there are more than 285 businessmen, 17 former Chief Ministers and over 300 bureaucrats as well.

  1. One former Chief Minister of a Southern State has a deposit in  Bank Frey & Co , AG is to the tune of Rs 4520 crore
  2. A former Maharashtra Chief Minister has got Rs 28000 crore in Alternative bank, ABS with 4 main account and 7 sub accounts.
  3. A private civil aviation company has stashed Rs 1, 45,000 crore is UBS with 4 main accounts and 13 sub accounts.
  4. A former Bihar Chief Minister has stashed Rs 29,800 crore in AKB private Bank, Zurich, AG with 2 main accounts and one sub accounts.
  5. A political lobbyist has got Rs 2, 89,000 crore in USB, Geneva, operates four accounts and 13 sub accounts.

Politicians in Goa have already been on the radar of the Central Intelligence agencies especially from investigations into the black money trail of Hassan Ali. Now with the Swiss bank accounts revelation more skeletons from the closet are expected to tumble. Mining, drugs, real estate and casinos have been the focus areas of the investigations of the Central agencies.

Other tax haven destinations are also being investigated Mauritius government too is willing to make account holders information known to the Indian government. Gulf destinations which are another money-parking zone of the Goan politicians are also under-the-radar and it is being learnt that accounts from Dubai, Kuwait and Doha are being transferred to tax-haven destinations of Bahamas, Cayman Islands and Malta.


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