India: Black Money Probe: Tax haven trusts come under the scanner for Swiss Bank Accounts

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Following the request made by India for administrative assistance, Tax haven trusts in overseas under the scanner for Indian and Swiss authorities for tax evasion by parking in banks in Switzerland. Many individuals believed to evade tax and travel out of Indian are in the process of having the banking details shared with the Swiss authorities, and they have been asked to appoint representatives should they want to appeal. The report shows that regions such as Panama, Cayman Islands, and the British Virgin Islands are known for evading taxes.

The names of those involved, as well as trusts based in Cayman Islands, have been published along with the report and some of them are The P Devi Children’s Trust, The Dinod Trust etc. Some of the identified trust are suspected to have been adopted by politicians to cover up illegal wealth. The Swiss Authorities have issued out over 100 notices to Indian residents having Swiss accounts in recent months, due to suspected illegal transactions. Many of these accounts have been dormant for years without a link to the owners. The Swiss government has therefore requested for claims from owners of the accounts of their heirs within a stipulated time until the assets are handed over to the Federal Finance Administration of Switzerland.