The Directorate of Criminal Investigation (DCI) of the Income Tax department has launched raids against politicians and industrials who had undisclosed money in HSBC Bank, Geneva. The action is consequent to the details regarding 700 bank accounts received from the French government.
A top Mumbai-based industrialist is said to have admitted to having family accounts in HSBC, Geneva with deposits totaling more than Rs 800 crore. Three Members of Parliament (MPs) from Haryana, Uttar Pradesh and Kerala are also being questioned.
According to sources, over Rs 300 crore has already been recovered from several evaders.
As part of the concerted action on tax evasion and money laundering, the government has asked the Central Board of Direct Taxes ( CBDT) to disallow any compounding of penalty and to prosecute the accused