Swiss account holders have ‘inherited’ wealth

New Delhi/Berne: Accounts inherited from family members as also from previously-constituted trusts or companies have come to the fore in a big way, as India seeks further details from Switzerland about those suspected to have ‘unaccounted’ wealth parked in the Swiss banks.

Hundreds of individuals and entities, including 627 names mentioned in a list submitted by the government to SC, are facing probe for allegedly having black money in foreign banks including in a Swiss branch of HSBC bank.

The due diligence of names accessed by Indian government through various sources has found that many such accounts have been “inherited” by their current owners from their parents, other family members or now-defunct trusts and companies that were set up years ago.

While the exact number of such accounts could not be ascertained, sources said that there are “quite a few” such accounts on which India is seeking further details from the Swiss authorities.