Black money in foreign banks to return in a year: Swamy

Senior BJP leader Subramanian Swamy today expressed hope that the black money stashed in foreign banks would return to the country in about one year.

"We are optimistic that the black money stashed in foreign banks would return to the country in about one year time, much before the expectation of the people," Swamy told reporters here.

Rejecting apprehension that the Centre was taking time on the matter of bringing black money back, Swamy said it was taking some time as about one million bank accounts have been opened by Indians in 70-odd countries.

About Rs 120 lakh crore were stashed in foreign banks, the senior BJP leader said.

On the National Herald case in which Congress president Sonia Gandhi and Rahul Gandhi were named, Swamy said, "The Supreme Court in 2007 had given a direction to set up a special investigation team for the purpose. But, they did nothing till the NDA government came to the power.

"There has been an attempt to grab properties worth Rs 5,000 crore simply by forming a private limited company in the name of Young Indian Ltd by Sonia Gandhi, Rahul Gandhi, Motilal Vora and others," Swamy said about the case initiated by him.

Stating that the paid off capital of the company was only Rs 5 lakh, Swamy alleged there had been fraud, breach of trust by manipulation.

"Sonia Gandhi and Rahul Gandhi own 76 per cent of the share on the private limited company," he pointed out.

Swamy claimed that Sonia Gandhi and Rahul Gandhi, as majority shareholders of Young Indian Ltd (YIL), benefited from the acquisition of Associated Journals Ltd (AJL).