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Black money: DRI probes illicit outflow of $505 billion

The Directorate of Revenue Intelligence (DRI) has started a probe to verify whether $505 billion was siphoned out of the country illegally in 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.

“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.
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