The share prices of Reliance Industries Ltd (RIL), Jet Airways, Dabur India and Reliance Communications came under pressure as India Against Corruption (IAC) activist Arvind Kejriwal on Friday said key promoters of these companies had black money stashed in the Geneva branch of HSBC Bank.
Demanding immediate arrest of prominent business tycoons, including Mukesh Ambani, Anil Ambani, Naresh Goyal of Jet Airways and members of the Dabur Group, Kejriwal said they had amassed more than Rs 3,100 crore in Swiss banks through money laundering and hawala.
The share price of Reliance Industries fell one per cent at Rs 788. Reliance Communication was down 2.2 per cent at Rs 57. Dabur India fell 0.54 per cent at Rs 128 and Jet Airways was down 1.31 per cent at Rs 368. Intra-day, the share price of these companies were down between one and five per cent.
Kejriwal’s list of those having black money abroad also include Anu Tandon, MP from Unnao whose husband Sandeep worked with RIL and whose sons are also employed by RIL. Brokers say Kejriwal has become a major factor for stock traders as they short-sell any company whom the activitist-turned-politician has or is likely to target.
Kejriwal, along with Supreme Court lawyer Prashant Bhushan and former minister Shanti Bhushan, alleged that the Union government had received a list of 700 people from the government of France in July 2011, who have accounts in Swiss banks.
The income tax department and enforcement directorate should immediately conduct raids against all the 700 people who have been named and they should be arrested if found guilty under the Prevention of Money Laundering Act (PMLA) and Prevention of Corruption Act (PCA), Kejriwal demanded.
According to Kejriwal, Motech Software Pvt Ltd, a Reliance Group company, has Rs 2,100 crore in Swiss account, RIL had Rs 500 crore, Mukesh Dhirubhai Ambani had Rs 100 crore, Anil Dhirubhai Ambani had stashed away Rs 100 crore and Naresh Goyal had Rs 80 crore in Swiss accounts till December 2006.
IAC has also alleged that Anand Chand Burman, Pradeep Chand Burman and Ratan Chand Burman of Dabur Group had together amassed Rs 25 crore in their accounts in a Swiss bank.
“The statements of three businessmen – Parminder Singh Kalra, Praveen Sawhney and Vikram Dhirani - reveal the modus operandi of HSBC Bank that indulges in money laundering and hawala. The three businessmen have told the income tax department during their questioning that they used to call Mark Wizbek, Caroline and Salin Fighli whenever they wanted to deposit or withdraw money. People from the bank used to come to collect and deliver money,” Kejriwal said.
Basing his allegations on the statements of these three businessmen, Kejriwal demanded that top officials of HSBC Bank be immediately arrested under the PMLA and operations of HSBC suspended in India.