In a startling financial revelation, data released by the Swiss National Bank (SNB) shows that Indian funds held in Swiss banks more than tripled in the year 2024, raising significant concerns over offshore wealth and transparency.
According to the report, Indian client funds soared to over ₹45,000 crore (approx. CHF 5.9 billion), a sharp increase from the previous year. The surge includes deposits held directly by Indian clients and those through wealth managers or fiduciaries.
The SNB data, however, does not differentiate between legitimate and illicit deposits, nor does it specify whether the account holders are individual clients or corporate entities. Despite this, the figures have reignited debates in India over black money, tax evasion, and the effectiveness of anti-money laundering efforts.
Critics have questioned the Modi government’s long-standing promise to bring back black money, stating that the new data contradicts the official narrative of financial transparency. Opposition leaders have called for a detailed probe and accountability on how such a large amount of wealth continues to find its way into secretive offshore accounts.
The Indian government, in previous years, had signed agreements with Switzerland for automatic sharing of financial information to detect tax evasion. However, the latest spike suggests either a lapse in enforcement or creative financial structuring that continues to evade regulatory oversight.
As the political and financial implications of this report unfold, public demand grows for a transparent audit and stronger action against illicit capital outflows.
