Arun Jaitley says those who parked funds abroad illegally will be prosecuted


Union Minister Arun Jaitley has warned that those found to have parked funds illegally in accounts named in ‘Panama Papers’ will be prosecuted.

Speaking at the gala event to mark Narendra Modi government’s two years in Delhi, Jaitley said, “If illegal money is found in accounts of those who are named in Panama case, then they will also be prosecuted as in case of HSBC accounts.”

Panama Papers leak had revealed the names of hundreds of Indians who were linked to entities having accounts in offshore tax havens.

Jaitley, according to PTI, said the central government had already come out with a law to deal with black money stashed abroad in the last fiscal and was now focusing on domestic black money.

He said that those failing to make the disclosure under this scheme faced imprisonment up to 10 years.

Jaitley said that the law to deal with black money stashed abroad had yielded about Rs 4,000 crore.

Jaitley’s comments as controversy surrounded Amitabh Bachchan, who hosted one of the events at the gala. Congress had hit out at the central government on roping in the services of Bachchan stating that this would send a wrong message to investigating agencies, who were probing his involvement in Panama Paper leaks.

Speaking on the occasion, Prime Minister Modi attacked his political opponents for opposing his government’s programmes for “political reasons.”

He said, “On the one hand there is the agenda of development, on the other, there is the agenda of obstructionism. People are capable of finding out the truth… Political compulsions are compelling some people to criticise us.”