Tag Archives: HSBC

Is HSBC promoting corruption and terrorism in India?

10 Nov

Google acknowledges - HSBC Corrupt and promoting terrorismA probe by the US senate’s permanent subcommittee on investigations found that HSBC(HSBC-USA ) in 2009 authorized its affiliate to supply Indian rupees to Saudi Arabia’s Al Rajhi Bank, which, the report said, has links to financing terrorism. The report also said that Al Rajhi Bank handled IIRO’s ( International Islamic Relief Organisation) “charitable contributions intended to benefit suicide bombers by directing Al Igatha Journal advertisements in Somalia, Sri Lanka, India, and the Philippines.”

“From 2007 to 2010, HBUS (HSBC-USA ) continued to supply, through its London branch, hundreds of millions of US dollars to Al Rajhi Bank in Saudi Arabia. In addition , at Al Rajhi Bank’s request , HBUS expanded the relationship in January 2009, by authorizing its Hong Kong branch to supply Al Rajhi Bank with non-US currencies , including the Thai bat, Indian rupee, and Hong Kong dollar”. It further said that Al Rajhi Bank had gained notoriety as well for providing banking services to several of the hijackers in the 9-11 terrorist attack, including Abdulaziz al Omari who was aboard American Airlines Flight 11.

The report also stated that HSBC’s anti-money laundering (AML) compliance department, which included employees in India, was highly inadequately staffed. Deficiencies were found in the quality of the work done by HSBC’s “offshore reviewers in India”, who were used for clearing a major backlog of suspected transaction alerts at the bank.

In simple words all of the above means that any person from any part of the world can donate funds to charitable organisation IIRO through HSBC, labeling it for purposes such as ‘war and disaster’ or ‘sponsor a child’. HSBC, with a click of button, will transfer money to the IIRO account in Saudi Arabia’s Al Rajhi Bank, from where the fund will be distributed for terrorism and terrorist activities.

That was about terrorism, here is how HSBC is promoting corruption in India(A big thanks to our Indian Government):

In July 2011, Indian Government received a list of roughly 700 people(along with their bank balances of 2006) having bank accounts in HSBC , Geneva(Switzerland). The list had big names likes Anil Ambani, Mukesh Ambani, Naresh Kumar Goyal etc. On receiving this list in July 2011 our smart Indian Government controlled Income Tax department, smelling the opportunity to earn bribe, started conducting raids. One noticeable point here is that the government only raided people with small account, but big people with much bigger accounts were not raided?

Three raids were conducted on 28th July 2011 in Delhi. Shri Parminder Singh Kalra, Shri Praveen Sawhney and Shri Vikram Dhirani were the three unfortunate gentlemen who felt the axe effect from our reputed Income Tax department. For the sake of space we are just mentioning the summary of Mr. Kalra, rest can be viewed on IAC(India Against Corruption) website.

In his statement Kalra stated that he opened an account in HSBC, Zurich on 29.1.2001 and was introduced to the bank by Mr Charles Habnumch, investment consultant based in Zurich. He also added that the deposit in bank of around Rs.8-9 crores were not disclosed to the Income tax authorities in India. Kalra further mentioned during the raid that after opening the account, he gave cash to some person in India as instructed by Mr Charles for being deposited in his account in HSBC, Zurich.
He stated that he gave the money in several installments in Delhi to certain persons as instructed by Mr Charles. In 2008 or 2009, Kalra instructed Mr Charles to close the account. Money of about Rs.8 to 9 crores was delivered to Kalra at Delhi in cash by several persons from time to time as per instructions of Mr Charles.

In simple words, it appears that perhaps it is easier to open a Swiss bank account than it is to open an account in SBI. You just need to contact HSBC in India. They would send someone at your home, who would get forms filled up, take money in cash from you and your account would get opened in Geneva or Dubai. You don’t need to go out of India to open an account or to operate your account. If you have to deposit cash or withdraw money, you just call up HSBC person in Geneva. Immediately someone in India from HSBC would visit your house and your bank transactions will complete. This is called “hawala” and is a serious crime under FEMA and Prevention of Money Laundering Act