Black money probe moving fast, says SIT panelist Justice MB Shah

Mangalore Today News Network

October 30, 2014: Justice M B Shah, one of the two judges heading the Special Investigation Team on black money, on Thursday said that the probe into the case is moving fast and will reach the prosecution stage soon.

Speaking to Headlines Today in New Delhi, Justice Shah said, "Reports of SIT’s slow speed in investigating the matter are wrong. We are moving fast and will get results soon."

"We have also shared the information we have on black money with the Enforcement Directorate and the Central Bureau of Investigation," he said.

On the double taxation treaties and agreements signed with various nations which prevents the government from revealing everything related to the alleged hoarding of illegal money by Indians in foreign bank accounts, the SIT panelist said, "Confidentiality is an international agreement and we can’t violate it."

The Centre on Wednesday named of 627 Indians holding illegal bank accounts abroad in a sealed cover to the Supreme Court, which a day earlier had rapped the government for not revealing all the information in the case.

The Supreme Court, which appointed the SIT into black money in 2009, will next hear the case on December 3 after the SIT submits its status report by November 30.

Earlier this week, the Centre revealed eight names of Indians holding illegal foreign bank accounts, which included consumer products giant Dabur India promoter Pradip Burman, Rajkot-based bullion trader Pankaj Chamanlal Lodhiya, Goa mining company Timblo Private Ltd and five of its directors - Radha Satish Timblo, Chetan S Timblo, Rohan S Timblo, Anna C Timblo and Mallika R Timblo.

Courtey : intoday