Set up probe team to unearth black money: SC

The Supreme Court today suggested that a special investigation team (SIT) be set up to unearth the black money parked in several tax havens abroad by powerful persons in this country.

The proposal was made by a bench headed by Justice Sudershan Reddy when the petition moved by former law minister Ram Jethmalani was taken up again. He has sought a thorough probe into the illegal wealth invested abroad, threatening the security and welfare of the people.

Pune-based businessman Hasan Ali Khan, who was remanded to custody this week, was one of the investors abroad. The court was pressing the government to disclose what action it had taken against him, with the government’s own investigating agencies having indicted him on several counts. The arrest followed the incessant questioning of the government by the court over the past one month.

There are other suspects who have amassed wealth abroad and some of their names have been disclosed to the court in confidence. Many of them are suspected to be involved in raising illegal money sourced from narcotics, arms deals and hawala transactions.

Justice Reddy observed the problem was not an isolated one but has much wider ramifications. Therefore, the court asked the government to consider setting up an SIT comprising officers from different departments including the Enforcement Directorate, the CBI and the Income Tax Department. It told the Centre to respond to the suggestion on March 28, when the case will be taken up again. If the idea is acceptable, the government and Jethmalani may also make suggestions on the composition of the SIT.