HSBC whistleblower created ‘wrong hue and cry’, has not replied to us: SIT Chief

New Delhi: The Special Investigation Team (SIT) on black money on Tuesday rejected an HSBC whistleblower's claim that Indian authorities are not using a "lot of information" on illicit funds, saying he has created a "hue and cry" and not replied to its earlier requests.

SIT Chairman M B Shah said India is prepared to give Herve Falciani and other whistleblowers "full cooperation" in the fight against the menace of black money.

"One should tell him that please give the information. We are waiting for the information. We are prepared to give him full cooperation but let him give information and additional names (about Indians holding stash funds abroad," Shah said.

The SIT chief said it was a "wrong information" that he had put across to the journalists on Monday that Indian authorities are not cooperating with him.

Read:

HSBC whistleblower should share info without pre-conditions: Arun Jaitley 

Illicit funds worth millions of crores flowing out of India: HSBC whistle-blower

"He is not giving reply. He has created a wrong hue and cry. We want to tell him that please give it (information) to SIT or to the government or to a journalist. Please, you (Falciani) share it in the interest of the country," he said.

Justice Shah said the request of Indian investigative and enforcement agencies in this regard was communicated to Falciani by the Central Board of Direct Taxes (CBDT), the apex policy-making body of the Income Tax department, and SIT earlier.

Falciani, a former HSBC bank employee turned whitleblower, while interacting  through a video link from abroad had on Monday said a "lot of information" on illicit funds is lying unused by the Indian authorities adding that he was willing to "cooperate" with the investigative agencies in their black money probe but would need "protection".

He also claimed that "millions of crores worth illicit funds" are flowing out of India.

Falciani is facing charges in Switzerland of leaking details of bank account holders in Geneva branch of HSBC – a list which later reached French government and subsequently was shared with India as it had accounts of those Indians who had stashed funds abroad.

"We are not here to talk about merely figures but about possible solutions," Falciani had said.

Finance Minister Arun Jaitley also asked the whistleblower to share details with regard to such instances without putting any pre-condition.

"Government of India is making all efforts to bring the details (of black money accounts). The number of prosecutions that we launched in last one year were not done earlier.

Whoever has whatever details, he or she should give it to us instead of putting any pre-conditions," Jaitley told reporters in response to questions on Falciani's remarks.

The Finance Minister said government's representative had already met Falciani and offered award in lieu of information.

"We will take action" on the black money front, Jaitley said.

Addressing media persons here yesterday, Falciani had said money was not the driving force for him to share classified data on black money and suspect accounts.

"It is not about money. I don't intend to become rich," Falciani had said when asked whether he is looking for money to share information with India.

He, however, did not give a clear answer on whether he has any more information on Indians who have stashed illicit funds abroad.

He stressed governments across the globe should ensure that whistle blowers are protected. "We need just simple protection," he added.

"We are not protected... If I am coming to India, I will be arrested," he had said, adding that people need to understand that there are not many new ways to probe and combat the menace of black money.

Earlier this year, he had hinted that he possessed additional information on the lines of the list of 628 Indian entities holding accounts with the bank in Geneva.

The Finance Ministry in February this year had said the I-T department was already in touch with Falciani, "who apparently brought out the names of persons holding undisclosed bank accounts in HSBC, Switzerland."

"He has been requested to share information available with him in respect of undisclosed bank accounts of Indians in HSBC, Switzerland, and other destinations. His response is awaited," it had said.

The SIT was notified last year by the government on the directions of the Supreme Court to go deeper into the cases of black money where Indians have stashed their assets abroad and also suggest policy measures to combat the illegal activity.

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