"Around USD 500 billion of illegal money has been invested by the Indians in foreign banks. Indians were also the largets depositors in Swiss Banks. Surprisingly, most of these illegal money was stored in 53 per cent of the countries, which were termed as least corrupt by the Transparency International Index. The illegal money has flown to the banks in Switzerland, Mauritius, Lichtenstein, New Zealand, British Virgin islands etc. In most cases the money will be shifted to Dubai/Singapore/Mauritius and from there it would be go to Switzerland or some other tax havens," said CBI Director AP Singh.
"Collecting the details about these illegal transactions is a time taking process, as we have to send judicial requests to the countries first, seeking their help. The asset recovery is a very complex issue, as it is requires expertise, language barriers while dealing with other countries, costly process and political will," he added.
The global financial markets provide the facility to tansfer the money faster to different parts of the world and this might make things even more difficult for the Investigation officers.