Illicit funds worth millions flowing out of India: HSBC whistleblower

Claiming that millions of crores worth illicit funds are flowing out of India, HSBC whistleblower Herve Falciani on Monday said he is willing to “cooperate” with the Indian investigative agencies in their black money probe but would need “protection”.

Claiming that millions of crores worth illicit funds are flowing out of India, HSBC whistleblower Herve Falciani on Monday said he is willing to “cooperate” with the Indian investigative agencies in their black money probe but would need “protection”.

File photo of Herve Falciani, a French citizen and former employee of HSBC Private Bank in Geneva. (AFP file photo)

Falciani is facing charges in Switzerland of leaking details of bank account holders in Geneva branch of HSBC -- a list which later reached French government that shared with India the information relating to Indian clients of the bank.

Addressing mediapersons in India through Skype link, Falciani claimed that millions of crores worth illicit funds are flowing out of India.

“It is not about money. I don’t intend to become rich,” Falciani said when asked whether he is looking for money to share information with India.

“We are not here to talk about merely figures but about possible solutions,” Falciani said.

Read | India threatening criminal probe over black money: Swiss regulator

He stressed that governments should ensure that whistleblowers are protected. “We need just simple protection,” he added.

“We are not protected... If I am coming to India, I will be arrested,” he said, adding that people need to understand that there is no offer of new kind to fight black money.

Read | Those who didn’t use black money window will ‘regret’, says govt