Indian money gone global

There is much more that the government can do to track money hidden abroad. Several questions arise from the UBS affair – involving also Barclays Bank and Société Générale, in London and Mauritius – regarding the reported attempt by Anil Ambani to use funds raised overseas for two of his group’s companies to invest illegally in India, in the shares of a third group company. This was attempted through the participatory notes route by using opaque investing vehicles called Hythe and Pluri. Some of the questions relate to the role of foreign banks in facilitating illegal transactions abroad by resident Indians, a matter that has come into focus in recent weeks because of yet another foreign bank, HSBC.

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