BLACK MONEY INFO UNUSED BY INDIA, SAYS HSBC WHISTLEBLOWER

Stating that a “lot of information” on illicit funds is lying unused by Indian authorities, HSBC whistleblower Herve Falciani on Monday said that he is willing to “cooperate” with investigative agencies in their black money probe if he was promised “protection”.

Speaking to media persons through video conferencing, Falciani — who is facing charges in Switzerland of leaking details of bank account holders in HSBC’s Geneva branch — said he had written a letter to the Special Investigation Team (SIT) set up to probe the matter.

“There is an urgent need to focus on this step — unraveling the role of financial intermediaries,” he said. “The investigation must not be restricted to interrogating clients just to find out how much they have in the accounts, but also how they proceeded. If this is not done, status quo will prevail as far as the black money problem in India is concerned. Your team could greatly benefit with feedback from international investigators who have already worked on the HSBC case to reveal the mechanisms which have been used to avoid taxes. I am sorry that in the last few months, I have not been able to find any way to proceed on the India situation, which is why I am turning towards you.”

He, however, remained noncommittal when asked if he had any more information on Indians with illicit wealth abroad.

“A lot of information on this money is with the Indian authorities but has not been used. Millions of crores of illicit funds are flowing out of India,” he said.

He also demanded a stronger whistleblower protection law. “If I come to India I will be arrested. All we need is protection.”