Four Indians in the List of Swiss Bank Accounts Made Public

Over 2000 bank accounts made public in Switzerland, with at least four Indians in the list.

Released names of Swiss Bank account holders which includes four Indian nationals. (Photo: Reuters)

At least four individuals from India figured in a list of unclaimed bank accounts made public by Switzerland on Wednesday, which contains over 2,600 accounts and 80 safe deposit boxes.

Of the four Indians, Pierre Vachek, whose residence is mentioned as ‘Bombay’, Bahadur Chandra Singh from Dehradun, Doctor Mohan Lal from Paris and Kishore Lall. Vachek’s date of birth has also been disclosed in one case.

The place of residence for the fourth person was not disclosed.

The list follows a new law in Switzerland that mandates publication of the names of the owners of very old dormant customer relationships on an annual basis starting 2015.

In many cases, the list includes the last name and first name of the customer, date of birth, nationality or the company name, as well as their last known place of residence or domicile.

The total holding in these accounts is estimated at about 44 million Swiss franc (about Rs 300 crore), but the specific figure for the accounts of people from India was not disclosed.

In some cases, the account or savings book number has also been published if the other available information appears to be insufficient for the verification of legitimacy.

The relatives and heirs of these persons will have 1-5 years to submit their claims for these accounts, the Swiss Banking Ombudsman and the Swiss Bankers Association (SBA) said.

By publishing this information, the banks are making a last attempt to re-establish contact with the customers. This publication gives customers and their legal heirs another opportunity to assert their claims to dormant assets before the banks transfer these definitively to the government. For the banks, on the other hand, these new regulations create legal certainty for the treatment of dormant assets.

Claude-Alain Margelisch, Chief Executive Officer (CEO), Swiss Bankers Association

The list has been published by the Swiss Banking Ombudsman after compiling information from all Switzerland – based banks about the long-dormant accounts in the name of foreigners.

The list contains a large number of people from Switzerland itself, as also from Germany, France, the UK, the US, Turkey, Austria and various other countries.

If no legitimate party claims the assets that have been published within one year of publication, the banks must by law transfer the assets in question to the government.

Swiss Bankers’ Association (SBA)

The claim deadline for potential legitimate claimants is five years if the assets in question have been dormant since at least 1954.

A claim to assets can be made online along with proof of entitlement.

The number of names published in December 2015 is just over 2,600; connected to these names, there are currently assets of around CHF 44 millions. Additionally, around 80 safe-deposit boxes are currently published.

Swiss Bankers’ Association (SBA)

This is the first time that Switzerland has published such a list that is aimed at giving their owners’ heirs a chance to claim the funds in these accounts.

Only those accounts form part of this list which have got at least 500 Swiss francs and have remained unclaimed at least 60 years.

Every year, from 2016 onwards, the names of dormant assets relating to an annual period subsequent to 1955 will be published.

This applies to all types of assets including safe-deposit boxes.

Speculation was rife that there may be accounts belonging to some erstwhile kings, members of ruling families of the former princely states and other wealthy individuals from India, who could have opened Swiss bank accounts but did not transfer the ownership to their children or other persons.