If you are a big fish ( High Net Worth Individual) planning to rip the country off – anything higher than 10 million, a small business operation? – here is a simple scheme.
The modus oparandi is simple. Transfer money out to a swiss bank periodically through havala channels ( illegal money carriers) after some time route it back to stock markets through fictitious holding companies.
This is totally legal since you can not be prosecuted as shown by the latest case of Ali Khan – the infamous racing punter.
The IT department is breaking its hairs as to prosecution. The case will not hold much water since the swiss bank will not testify even a bank statement – alas due to customer relationship loyalty programme and Indian judiciary can not accept some vauge dairy entries or hard disk recoveries as prima facia evidence.
So how to nail these traitors? Can we pass /amend constitution for a law? No, then even a low life theif can write a defaming thing about you in a newspaper and get you arrested. Can Government of India ask Swiss bank to amend its principles? Very unlikely!
A country like USA would have just got the bank to freeze the account at the maximum level – not to think of Indian cloute there!
No wonder, the supreme court judges said in anguish – ‘we need to hang the corrupt people by the pole; unfortunately law does not allow this’