Indians formed the largest chunk of depositors in the world with stashing away illegal deposits of $ 500 billion in foreign banks, according to CBI director AP Singh.

Speaking at the inauguration of first Interpol global programme on anti-corruption and asset recovery in Delhi today, the super cop said while Indians held largest volume of illegal deposits in banks in tax haven countries, Indians also formed the largest number of depositors in Swiss Banks.

India suffered heavily with illegal funds flowing into the country through tax havens like Mauritius, Switzerland, Lichtenstein, Singapore, New Zealand and British Virgin islands.

“The Transparency International Index shows these tax haven countries are lease corrupt in the entire world,” he said, adding New Zealand was ranked as the least corrupt country while Singapore and Switzerland were ranked at number five and number seven respectively.

Singh, however, lamented saying that these countries are not cooperating with countries like India to part with the information or the illegal money stashed away in their banks.

He said the process of tracing, freezing, confiscation and repatriation of such money is a complex legal challenge and requires expertise and political will. Singh said the white collar criminals are having their bases in two countries and investing the amounts in a third country.

“Our experience shows that money is being taken to Dubai, Singapore or Mauritius first through their shell companies from where it goes to Switzerland and other such tax havens in a matter of hours through internet transfers. (JUBS)