Swiss Banks

The Adani Group has rejected and denied "baseless allegations" over reports concerning the freezing of some funds in Swiss bank accounts. The Business conglomerate asserted that it has no involvement in any Swiss court proceedings, nor have any of the company accounts been subject to sequestration by any authority.

Traditionally, Switzerland was seen as a safe tax haven for Indian businessmen, politicians and industrialists.

According to Automatic Exchange of Information agreement signed by India and Switzerland, India received the first set of list of Indians having Swiss Bank accounts

Since Modi came to power, money parked by Indians in Swiss banks started reducing drastically

In about a decade the funds held by Indians with Swiss banks went down to almost one-tenth

The court as a result rejected an appeal by two Indian citizens

The current amount in Swiss banks is even less than one-third of the amount reported in 2014.