Black Money in Swiss Bank Switzerland or Philippines
Photo Credit: The Hindu Businessline

Loksabha elections 2019 brought a landslide victory to Modi led BJP in India. People of India gave the biggest mandate ever to any political party in India. Earlier in 2014, people gave the mandate to BJP too but this time it was the biggest ever. The main reason for everyone to vote for BJP was not Modi but confidence that Modi will bring the Black Money from Swiss Banks to India. Mr. Modi promised India that he will bring back to India the stolen Indian Black Money in Swiss Banks and that every Indian will be given Rs. 1’500’000 out of the stolen black money in Switzerland.

The Reality of Swiss Bank

For many years Indian are being fooled of black money scams and money laundering to Swiss Bank. But there is no bank named ‘Swiss Bank‘. Yes, there was a bank in Switzerland by the name of Swiss Bank, but today it does not exist anymore. The Swiss Bank merged into another bank Union Bank of Switzerland and is not functional under the name of Swiss Bank.

So, whenever there is a talk about bringing back the Black Money from Swiss Bank, it’s just making fool of Indians.

Where is Indian Black Money?

Philippines; Haven for Money Launderers

Since 2001, all top black money holders started storing their black money in the Philippines. Due to strict bank privacy laws, the Philippines has become a haven for money launderers.

Bangladesh Bank Cyber Heist

In February 2016, the central bank of Bangladesh, The Bangladesh Bank was attacked by cyber hackers. The requests of almost $1 billion from multiple accounts were sent to SWIFT to initiate the transfer of funds to another country. The final destination of the money robbed through hacking was landed in the Philippines. 2 casino owners, 4 unknown account holders, a bank manager of RCBC bank of Philippines, and a money transfer agency are accused of this whole episode. The mastermind behind this successful hacking is still missing in digital signals. Out of this huge request of $1 billion only $81 million was approved by SWIFT otherwise it could have been a billion as well.

Dawood Ibrahim in the Philippines

Some secret sources revealed that Dawood Ibrahim has close allies in Manilla. They help Dawood run his narco-money management. Malaysia, Thailand, Cambodia, Vietnam, and Hongkong are becoming big markets for drugs. Dawood Ibrahim’s links are leaked in Panama Papers as well but are not disclosed publically.

Also Read: Dawood Ibrahim gives a portion of his narco-money to Jihadist-Islamist groups

Some companies of top politicians of Northern India are also there in the list including drug mafia. During 2003-2006 Dawood Ibrahim traveled Manilla 23 times. There are reports that his closest allies from Pakistan are operating their black money accounts in the Philippines. Dawood Ibrahim still doesn’t hold any bank account in the Philippines on his name.

Top Politicians Shifting Black Money

There are reports that top politicians in India hold many accounts in banks in the Philippines. A bank official of BDO Unibank Inc. unofficially disclosed the sum of amount which Indians hold in bank accounts in BDO Unibank Inc. alone. She said “In our bank alone the top 100 Indian bank account holders secure $7 billion (Rs.5,00,00,00,00,000). Now people don’t go to Switzerland.”

Government of India request Swiss authorities to disclose the list of Indians holding accounts in their banks. Switzerland in return didn’t respond as they say they have not received any formal request from Indian authorities.

Is the present political regime is just working on media maintenance or have they really sent a notice to the Swiss banking authorities?