Swiss bank HSBC Holdings Plc, which makes significant profits by handling secret accounts of politicians, top businessmen and diamond merchants with India connections, is not alone.
In an e-mail query sent by dna, a whistleblower, Stephanie Gibaud, a former public relations officer of UBS France, told dna that several Swiss banks have penetrated Indian market in search of its wealthy clients, and there are many more accounts to be discovered.
She said Swiss banks expanded their networks right after the 2008 crisis in Europe. They shifted their teams and departments to BRICS (Brazil, Russia, India, China and South Africa) and other emerging nations in search of money bags.
She also explained her experience with UBS and the modus operandi of money deals. She raised questions on how Switzerland's assets under management have tremendously gone up since the 2008 crisis.
"Swiss banks have the same core business. What's true with HSBC is true with UBS and all their peers. Are any banks under investigation in India? Has India asked other private banks, such as Credit Suisse, UBS, Julius Baer, etc," she asked.
She also raised an alarm regarding major cities like Mumbai becoming a hub for such banks to attract wealthy clients.
Is it easy for Indian government to get their details or money back?
The core business of the Swiss banks today is to target the BRICS nations because their relation is complicated with Europe and the US. I thus doubt that they would wish to cooperate.
Does UBS and other Swiss bank branches in Mumbai and other cities play a major role?
All client advisors from "onshore" locations are in contact with client advisors from "offshore" offices. If not client advisors themselves, then it's their desk heads (which means their bosses).
Is UBS involved in black money deals outside BRICS?
UBS has just opened its Nigeria office. You will get an idea once you touch base with Nigeria-based clients. This information is linked to investments from Asia, and also with 'blood diamond' stories (Nigeria is notorious for using tribal and poor people for illegal sale of diamonds to fund conflicts in war-torn areas), which brings me to the question why is UBS in Nigeria.
Do banks adopt separate strategies?
The strategy nowadays is not only for Indian clients but for clients across BRICS nations and developing countries. UBS has mentioned it in their communication and the media.
What is your experience with UBS?
I was organising exclusive events that were not just harmless entertainment but were in fact being organised to facilitate meetings for Swiss client advisers who were hunting for French clients to help them hide their wealth in order to cheat tax authorities. "I later discovered that I was part of something that was illicit."
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