Black money trail: Diamond traders among 17 on notice

NEW DELHI/KOLKATA: The Central government has served notices on 17 Indian nationals, including Mumbai’s well-known diamond traders, who are found to have allegedly stashed away money in secret bank accounts in Liechtenstein.

Stating this, finance minister Pranab Mukherjee told reporters in Kolkata that the names of Indians having illicit accounts in Liechtenstein will officially be made public in court proceedings. ‘‘ We have received a few names and already served notices on 17 persons and prosecution has begun,’’ Mukherjee said.

He was reacting to the disclosure in media of names of those holding deposits in LGT Bank of Liechtenstein — a tax haven sandwiched between Germany and Austria.

The list of Indians, made available by Germany last year, holding accounts in LGT Bank is made up of 26 individuals and 12 trusts.

Most of the individuals belong to known Mumbai-based diamond trading families and, sources say, include front-ranking names like Harshad Mehta and his brothers Dilip and Arun. Known for his links to a top politician from Maharashtra, Harshad also owns 12% stake in the Kochi IPL team.

The list has names of another Mehta clan, also a well known diamond trading family, which started Mumbai’s Lilavati Hospital. The LGT account of Kirtilal Mehta, the family elder who died in the early 90s, may have become non-operational . His children Prabodh and Rashmi also have accounts with the bank.

Manoj, Rupal and Mohan Dhupelia , who figure on the list, are believed to be from a business family in Kolkata into import-export.

The expose of the list has a mixed outcome for Congress. That it does not have people known for their links with Congress can be cited by the party to argue that it had no vested interest in keeping the identity of the foreign account holders under wraps.