Widely welcomed measures to tackle the clandestine transfer of funds have been undermined by infighting over the allocation of adjudicating powers. Raghavendra Verma reports from New Delhi
In January 2007 a raid on Pune-based businessman Hassan Ali Khan’s premises allegedly uncovered US$8 billion hidden in Swiss bank accounts. Government agencies claimed he had transferred US$300 million from one of his accounts to a Saudi arms dealer.
The case gained further prominence when Swiss bank UBS turned down India’s request to divulge the details of the account, ostensibly because it hadn’t received proper judicial documentation from Indian authorities. In retaliation earlier this year, as reported in the Hindustan Times, India obstructed UBS’s US$118 million deal to buy Standard Chartered Bank’s mutual fund business in the country.
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