The case involved information leaked by whistleblower Herve Falciani, a French citizen who worked for HSBC’s Swiss private bank and in 2008 disclosed details on thousands of clients he suspected were using accounts to evade tax.
The money held in Swiss banks by their foreign clients from across the world rose during 2014 to $1.6 trillion.
Yashovardhan Birla, who is commonly known as Yash Birla, is Chairman of the group whose group firms are into steel products, electrical appliances, health, lifestyle and education, among others.
India also asked Switzerland to sign a bilateral information sharing agreement after joining global pact against black money menace.
The prosecutor said its investigation was into HSBC Private Bank (Suisse) and could extend to individuals.
Daughter of ex China premier and chairman of a state-owned power utility holds approx 2.5 million dollars in Swiss bank.
When asked RIL said: “Neither RIL nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.”
The source said Finance ministry’s Department of Revenue offered Falciani the “standard 10% of tax collected due to the revelations or evidence”.
Indian Express investigation has revealed 1,195 Indian HSBC clients, roughly double the 628 names that French authorities gave to the Government in 2011.
77 of the 1,195 Indians in HSBC’s Swiss list are connected to the diamond industry.
How global bank helped hide big-ticket account-holders, from Saudi princess to fashion house heiress.
Hervé Falciani’s long, strange journey from bank computer expert to jailed fugitive to candidate for office to spokesman for whistleblowers.
“I am constrained not to name individuals until the prosecution is filed,” said Arun Jaitley.
HSBC was trending both on Twitter and Facebook.
A stream of reactions has followed the HSBC revelations.