Black money: DRI probing illicit outflow of $505 billion during UPA rule

The Global Financial Integrity, in its report, 'Illicit Financial Flows from Developing Countries 2004–2013' has estimated that illicit financial flows out of India for the period 2004–2013 to the tune of $505 billion.

By: PTI | Updated: March 13, 2016 2:13 pm
black money, UPA rule, DRI, DRI black money, UPA black money, Directorate of Revenue Intelligence, india news, latest news “The DRI is examining whether the details of black money flow and the amount mentioned in the GFI report are correct. Initially, the report hints at cases of trade-based money laundering,” a source said.

The Directorate of Revenue Intelligence (DRI) has started a probe to verify whether $505 billion was siphoned out of the country illegally during 2004-13, when Congress-led UPA was in power.

The probe comes after a direction from Supreme Court-appointed Special Investigation Team (SIT) in this regard.

It cited a report by the US-based think-tank Global Finance Integrity (GFI) which said that India had the fourth largest outflow of black money in the world with a whopping $51 billion being siphoned out every year between 2004 and 2013.

DRI sources said they have got the relevant papers and are examining the matter.

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“The DRI is examining whether the details of black money flow and the amount mentioned in the GFI report are correct. Initially, the report hints at cases of trade-based money laundering,” a source said.

The SIT has, in its various reports, observed that trade-based money laundering is major source through which money is taken out of the country illegally.

In its second report, the SIT had recommended that there should be an institutional mechanism through a dedicated setup which examines mismatch between export and import data with corresponding import and export data of other countries on a regular basis.

The SIT has also recommended that wherever possible, especially in case of commodities, a system for cross-checking of prices of imports and exports with international prices may be done.

The Global Financial Integrity, in its report, ‘Illicit Financial Flows from Developing Countries 2004–2013’ has estimated that illicit financial flows out of India for the period 2004–2013 to the tune of $505 billion.

The SIT obtained detailed calculations of country–wise illicit financial flows for each of these years from GFI.

Thereafter, the details have been sent to the DRI. Further necessary action shall be taken by SIT after receipt of report from DRI in this regard.

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  1. I
    IML sood
    Mar 13, 2016 at 9:12 am
    Like an onion Cong. rule for 60 years will bring out many lids of corruption,scams and Frauds money sent outside from the country during their rule. They make a hue and cry about black money just to test present Govt. efforts whether they can nail them as they would have thought they are away from Law of the land.Is it not a surprise that Cong. B party AAP always crying from house top is totally mute playing as deaf and dumb party. Where is their main loud mouthed party spokesman now
    Reply
    1. N
      Nagar Iyer
      Mar 13, 2016 at 10:07 am
      DRI, like RAW did not know what is black money or for that matter what is out flow of money. Poor innocent DRI and RAW.
      Reply
      1. G
        george
        Mar 13, 2016 at 9:05 am
        Time of the election. Illicit money and corruption lip service is back. Nothing will happen out of this enquiry because every political party is involved in large scale looting without any exception..If at all there is any benefit of doubt, communist parties should get it..
        Reply
        1. C
          Clifford
          Mar 13, 2016 at 10:48 am
          What happened to Modi and BJP promise to bring back all black money within six months after the election and I am still waiting for my 15 lacs. Have they given that money to BJP bakths only and BJP party members?
          Reply
          1. A
            Aditya
            Mar 13, 2016 at 10:16 am
            $505 billion siphoned off when we have economy of only $ 2 trillion.
            Reply
            1. A
              ah
              Mar 13, 2016 at 9:46 am
              INDIANS .......................... u r kept busy with Mandir Masjid, while India is being SOLD as scarp by Politicians ...................... and REMEMBER European Union Financial delegate met Rajnath Singh in "Closed Door" and same way they met Sangh Leaders in "Closed Door" ........................ even if Maalya is caught 500 crore is nothing compared to 1.14 lac crores WRITTEN OFF by this govt. all the while when farmers are committing suicide for mere 1 ac which this govt. is not WRITING off ....................
              Reply
              1. H
                hemkant
                Mar 13, 2016 at 2:10 pm
                Oh ! So this is the reason, that congress always asks for the black money, they and their favored industrialists siphoned out and put secured, so difficult to trace. Knowing well that they can not be traced and brought back.
                Reply
                1. I
                  imti
                  Mar 13, 2016 at 9:33 am
                  good move from DRI and SC and also a good Yash Sehgal comment
                  Reply
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