SC: Were government agencies sleeping all these years on black money?

NEW DELHI: Coming down hard on the Government on the issue of blackmoney, the Supreme Court today asked why it was "sleeping" all these years and now focussing only on Hasan Ali Khan and not disclosing names of others who have stashed money in foreign banks.

The apex court, which has ticked off the Government agencies for its slow pace in probing the matter, also voiced its disapproval over no progress being made on its suggestion for a thorough probe by a Special Investigating Team.

"Was the Government sleeping all these years on the issue of blackmoney," the court asked.

The apex court said the investigation into the issue of black money required "complete" and "full-fledged" involvement of government as the most important question was about the disclosure of source of money kept in foreign banks which may be terror money or money coming from drug peddaling.

A bench of justices B Sudershan Reddy and S S Nijjar asked the governemnt to explain why its investigation is focussed only on Pune stud farm owner Hassan Ali, accused of money laundering and largescale tax evasion, and no other name has come out.

"Your whole focus is centred on one individual. Does it mean that all the blackmoney parked in foreign banks belongs to only one person. Is it that blackmoney issue is surrounding around one person. Do you have information beyond that," the bench asked.

Putting the Government in a tight corner, the bench said, "We put it very simply and bluntly. Do you have any information regarding other persons also? It seems there is only one person (Indian) who has bank account in Switzerland and no other persons' account has come under suspicion in Swiss banks," the bench asked the governemnt.

Solicitor General Gopal Subramanium said that the matter has to be investigated on different fronts and the court should ask the RBI to file a report on blackmoney stashed in UBS bank, Switzerland on the basis of which further action could be taken.

He said the issue of passport case should be investigated by the CBI as the offence in this ragard was not only restricted to Maharashtra but to other states and earliers also it was stated that "it is not an offence simplicitor".

Not impressed by the arguments of the government, the bench said, "Do you want to say that all government agencies were sleeping till now on this issue. Now you are saying that different aspects of the case has to be handled by different agencies."

The bench said the source of money has to be found "whether it was a terror money or money coming from drug peddling". PTI

"We are very clear in our mind that more than one agency is required to conduct investigation and it should be monitored by a person of eminance which could be retired Chief Justice of High Court," the court said.