Black Money: Indians have stashed over $500bn in banks abroad, says CBI – TOI

CBI Director A.P. SinghNEW DELHI: 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 on Monday.

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.

Pictet & Cie Bank Head Quarters, Geneva, Switzerland.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 International Index are offshore tax havens, where most of the corrupt money goes. The tax havens include New Zealand which is ranked as the least corrupt country, Singapore ranked number five and Switzerland number seven,” Singh said.

He said there is a lack of political will in the leading tax haven states to part with the information because they are aware of the extent to which their economies have become “geared to this flow of illegal capitals from the poorer countries.” – Times of India, Mumbai, Feb. 13, 2012

4 Responses

  1. Sods —– Law.
    January.—- 2014.

    For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank— PICTET & CIE. BANK.

    Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.

    The matter was raised in Parliament – twice– the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank — but the rogues had left —saying no one left to prosecute.??? —– so there.

    We then approached the Financial Ombudsman Service. (FOS) — our case was dealt with by seven different people —- then our numerous E-Mails were ignored — nobody would speak to us ——-so there.

    We then asked the SFO ( Serious Fraud Office.) to investigate our case —- the criteria of our case ticked all their boxes. — we were instructed not to send them any documents/evidence.—— in fact they wrote to us advising us to go to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman the SFO boss —- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.
    The MP’s committee —- said he was sloppy— and the SFO was run like “ Fred Karno’s Circus” ——- so there.

    Our M.P. approached our local Chief Constable to investigate—– he was called—- Sir Norman Bettison— Chief Constable of West Yorkshire Police —- a force that made “ Dad’s Army” look like the S.A.S. They were inept – corrupt —malicious — from top to bottom. We were criminally dealt with by the Forces Solicitor—- the Head of the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did — they advised us to make our complaint to —- the West Yorkshire Police — we did with reluctance — all we got was abuse and obfuscation. —– so there.

    Sir Norman Bettison —- The Forces solicitor— and the Head of the Economic Crime —- have all been removed from their posts and facing criminal allegations.
    —— so there.

    We even sought justice through the Courts — culminating in a visit to the Court of Appeal-London.— On leaving the Courts of Appeal that day our barrister a “rising star” informed us — that if that was Justice then you can keep it. He quit the law and moved to Canada —– so there.

    A few years later we learned that one of the judges in our case at the Court of Appeal was related to a senior executive of the Pictet Bank —–so there.

    Pictet & Cie .Bank — voted private bank of the year 2013.
    Ivan Pictet —- Voted banker of the year 2012. —- the senior partner — lied on numerous occasions and had documents destroyed — also said genuine documents were forgeries. —– so there.

    Ivan Pictet in Oct. 2013 —- Given the Legion of Honour — but saying that —- honours were given to Hitler — Eichmann — Mussolini —Franco — he’s in fitting company. —-so there.

    MONTY RAPHAEL.Q.C. — Peters & Peters.London. They were the banks lawyers.
    Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court —- the FSA —- and the police Fraud Squad. —-so there.

    Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
    Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.
    An expert in Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot about Banks — the consensus of opinion is that they are highly paid “crooks” —- no wonder they voted Ivan Pictet banker of the year.

    Full Story.—- “google or Yahoo”


    Ivan Pictet.Banker.
    Monty Raphael.Q.C.
    Ivan Pictet/Monty Raphael.

    Update — Jan. 4th. 2014.

    Pictet & Cie Bank —- List of Crimes.

    1996 —– F.S.A— Breach in London.

    2003 —– F.S.A. — States rogues operating in Pictet’s London office. Ivan Pictet states that documents were forgeries but were later proved to be genuine in the British Courts. He had documents destroyed in their London office –
    hoping to hide the crimes.

    2007 .- – – The Securities and Exchange Surveillance issued a recommendation
    that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.

    2008 .– Dec. – Pictet Bank state – ” We have never chosen any funds linked to Madoff.

    2011 – – – Madoff Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet & Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for $350Million

    2012 – – – April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)

    Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in
    Panama and a tax loophole involving investments in London to gain
    German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    2013 — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of ” criminal origins”
    held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas.

    Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.

    The bank is now seeking to re-structure — to cut the partners liability – hoping to off load their decades of criminal responsibilty – and move onwards to carry out new crimes. The Germans are right — the bankers should go to prison if found guilty of financial crimes..

    Peters &Peters – Partners.— (1999—2013)— guilty.

    Pictet & Cie. — Partners. — (1999 — 2013)—guilty.

    The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
    Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

    British Parliament. Hansard .29th March 2007.
    Barry Sheerman.M.P.—quote.

    ———“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie – – a French Bank – – and Pictet Asset Management to back the fraud being perpetrated.””

    Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA — and the Police Fraud Squad.

    Written Parliamentary Questions received by the table office ..

    (1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

    (2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

    *** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

    *** Started campaign — June 6th.2008.
    5 .5years —- approx 10 .5 million e-mails – – – but still no writs, injunctions or threats of litigation – – – WHY – – – because it is all true.

    *** . The bigger they are — the harder they fall.!!!
    In America —- they would have all been in prison for the last seven years.

    Feb 2013,— Pictet & Cie Bank Partners remove their unlimited liability.
    They realise that all their personal wealth is at risk , the people they have conned might want their money back.

    Full Story.***
    . ” Google ” or ” Yahoo” .—- “images”

    Insert– ( Charles Pictet. Banker.
    Insert– ( Ivan Pictet.Banker.
    Insert– ( Jacques de Saussure.Banker.
    Insert– ( Nicolas Pictet. Banker.
    Insert– ( Jean-Francois Demole.Banker.
    Insert — ( Philippe Bertherat. Banker.
    Insert– ( Renaud de Planta. Banker.
    Insert. — ( Monty Raphael.Q.C.)

    Over the last eighteen months we posted the following on hundreds of sites. —

    *** Were currently waiting for the West Yorkshire Police ;-
    (1) Chief Constable . Sir Norman Bettison
    (2) Forces Solicitor. Mike Percival.
    (3) Head of Economic Crime Unit. Det Chief Inspector. Steven Taylor.

    to see if they continue to cover up this case like the FSA. – “ watch this space.”

    We can now state that all the above have been removed from their posts. All three facing criminal allegations.


  2. The amount could be as high as 1.5 trillion Dollars with everyone cutting across party lines involved who is going to get it back; desperate situation.


  3. CBI chief stresses on global help to recover black money stashed abroad – TOI, Mumbai, Feb. 18, 2012

    NEW DELHI: The Central Bureau of Investigation (CBI) on Friday stressed the need for cooperation with international law enforcement agencies to trace and recover illegal wealth stashed abroad. “In today’s globalised context, effective international cooperation in essential for fighting corruption that transcends international boundaries. We need to engage with each other at all levels to effectively deal with those criminals indulging in corrupt practices at a multi-national level. This requires more effective cooperation among all the law enforcement agencies,” CBI director A P Singh said.

    Singh said global cooperation will provide speed and efficiency in confiscation of black money and prosecution of criminals. “Multi jurisdiction cross-border aspects of an investigation into corruption and international asset recovery involve numerous processes like tracing, freezing, confiscation and repatriation of proceeds stored in foreign jurisdiction. We must realixe that international cooperation is a two- way street, and is given on a reciprocal basis,” he said while concluding the first Interpol global programme on anti-corruption and asset recovery.

    The first-of-its-kind conference was attended by about 38 delegates of 14 nations, including China, the Philippines, Thailand, Singapore, Nepal, Sri Lanka and Indonesia.

    Though Singh had estimated that black money to the tune of Rs 24.5 lakh crore (around $500 billion) stashed abroad last Monday, he did not make a mention about the figure on Friday. The disclosure of estimates has evoked reactions from all quarters. On Friday, he also avoided media and quietly left the venue without taking any questions from the waiting reporters.

    “The programme has further strengthened the perception that law enforcement officers in different parts of the world may don different uniforms, but their aim and objectives remain the same – to curb corruption, and equally important, to punish the offenders and recover the property earned through corrupt means,” Singh said in his valedictory address to the participants.

    He hoped that participating officers will carry with themselves a “resolve to further the efforts in tackling corruption and tracing illegal assets”.

    Secretary in the department of personnel and training P K Misra also stressed for seizing black money and properties made through corrupt means. “Fight against corruption is incomplete unless we recover the illegal assets and wealth amassed by corrupt persons. The corrupt should be not only brought to book but their illegally amassed wealth should also be recovered and attached,” Misra said. He said that property and wealth which is created through corrupt and illegal means is basically a fruit of crime and the guilty should not be allowed to enjoy these fruits.

    “In my view, no fight against corruption is complete unless we recover and attach these illegal assets,” Misra added asking the officers to fight corruption with all might.


  4. I am not sure, if that Museum still exists in one of the British Isles in English Channel called Smuglers’ Museum. It stated, and rightly so, “One nation’s smuggling is a business for the other”. I repeat here also, Indians are slave and buffoon both in theory and practice. In today’s materialistic society with a long standing colonialism, it may not be easy to get rid of this mindset.

    The biggest depositor in this list is the biggest powerful person. Who will bell the cat. There is a total political lack of will and willingness. Quite rightly so. Was Quatrocchi dispensed with for nothing? Did it need anything else than a political will? Why the CBI was restricted to present the document in the overseas court in time and allow the case to lapse in absence of timely action on the part of GOI?

    These are the same people who have tired out the Anna movement on Lokpal. They will again sit on it and it will end up being a seasonal tool for vote bank attraction. I liked the children of Ms Priyanka aka Biyanka Vadra Gandhi in the election campings and campaigns. It will certainly gain a few sympathy votes. Today they crying hoarse of development, corruption and governance but how many people understand their gimmicks? They know it very well and they encash their (people’s) naivety. It is a shame but for a shameless, there is nothing shameful either.

    With a village population of 700,000 rural setting and >50% illiteracy; even those who are literate are uneducated of the ground realities and sentimentally charged by castes, ignorance, language, greed, muscle power, corruption, and etc, media dominated by foreign institutions, pseudo secularists constantly brain washing; there is hardly a scope for a change in the ground realities.

    I agree with the ?agent N Swamy that it is difficult to get the black money back. He is a Voice of His/her master. No chance.


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