Agencies sleeping on black money issue: SC – TOI – 29.3.11

Slams ED For Not Pursuing National Security Angle In Probe

Dhananjay Mahapatra | TNN

New Delhi: The Supreme Court’s suggestion on Monday that the government reveal the identity of Indians who had stashed black money abroad coincided with the I-T department launching prosecution against two persons who held accounts in Leichtenstein’s LGT Bank.
    After perusing the Enforcement Directorate’s status reports on probe into black money and Hasan Ali Khan, a Bench of Justices B Sudershan Reddy and S S Nijjar told solicitor-general Gopal Subramaniam that the court’s suggestion to probe implications on national security had not been looked into. “The national security aspect still remains unanswered,” the Bench said. The SG said that was the sole consideration in the entire investigation. “Nothing else mattered. Public interest and national security are the two most important aspects. Money is pelf in front of national security,” he said. The Bench agreed with the SG but expressed unease at the speed and substance of the probe results concerning black money and their source.
    “When we look into the status reports, it is difficult for us to keep calm and quiet. We would like to know, specifically from you, what progress has been made in the investigations, particularly with regard to national security angle and the source of all this money,” it said.
    Noticing several names mentioned in the status report and the depth of their illegal operations relating to black money and money laundering, the court asked, “Why were these agencies sleeping over the matter all these years.” It then asked, “Why should it be not disclosed. Let the people of the country know what is happening.”
    The lethargy in investigating the impact of black money on national security made the court reiterate its earlier suggestion — setting up a multi-discipline task force for a comprehensive probe.
    Petitioner and former law minister Ram Jethmalani’s counsel and senior advocate Anil Divan had rooted for a Special Investigation Team (SIT) to probe the black money issue under the watchful eyes of the Supreme Court.
    The court said, “Something more is needed to be done in the case. We feel it requires comprehensive investigation by a special investigation team comprising officers from Research and Analysis Wing, Intelligence Bureau, Central Bureau of Investigation and Enforcement Directorate.”
Identity of two black money holders
to be revealed soon
    The identity of at least two people will be out soon as finance minister Pranab Mukherjee had assured recently that the names of LGT Bank account holders would be made public after the I-T department proceeded against them in court. German authorities had handed over names of 26 Indians who held accounts in LGT Bank. The I-T department had initiated action relating to 18 resident Indians who kept Rs 43.83 crore in the bank and demanded Rs 24.26 crore as tax from them.