Swiss black money probe: 100 plus cos under scanner

As India pressures Switzerland to get details of suspected tax evaders having bank accounts there, a discreet probe is underway of each stock market dealing of over 100 entities linked to these cases to detect possible rerouting of black money.

The entities under watch include individuals whose names figure in a list of over 700 Swiss bank account holders, as also the bankers and associates related to certain banks whose Switzerland-based branches are under scanner.

Besides, 10-15 listed Indian companies including a few blue chip names directly or indirectly linked to these banks and their Indian customers are also under a close tab for any suspected market manipulations, senior officials said.

It is suspected that some entities may have brought back illicit wealth through the stock market route, by using complex fund structures of certain overseas funds.

The official said that a few large global banks are under scanner, although it is also possible that the banks themselves might be unaware of the illicit activities being carried out by their executives for the benefit of their clients.

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