The Congress party on Monday took a sharp jab at veteran social activist Anna Hazare, questioning his silence on the recent sharp increase in Indian deposits in Swiss banks—a subject he vocally championed during the United Progressive Alliance (UPA) government’s tenure.
Congress spokesperson Pawan Khera posted a pointed message on social media platform X (formerly Twitter), writing:
“Utho Annakali, the money of Indians in Swiss banks has tripled,”
a sarcastic remark referring to Hazare’s past fervor against alleged black money stashed abroad.
Khera’s remarks came in the wake of data released by the Swiss National Bank, which reported that the amount of funds held by Indian clients in Swiss banks had surged over threefold in 2024, reaching 3.54 billion Swiss francs—approximately ₹37,600 crore.
This jump follows a steep 70% decline in deposits in 2023, which had then fallen to a four-year low. While direct customer deposits made up 346 million Swiss francs (around ₹3,675 crore) this year—an 11% increase—the majority of the rise came from funds parked via local bank branches and other financial intermediaries.
Government Reacts, Cites Ongoing Surveillance
Reacting to the revelations, the Union Finance Ministry stated that it is closely monitoring the matter for potential tax evasion. In a statement issued on Friday, the ministry pointed to the role of the Automatic Exchange of Information (AEOI) agreement with Switzerland, under which the Swiss authorities have been sharing annual financial details of Indian account holders with Indian tax authorities since 2018.
The ministry noted that the first exchange of financial data took place in September 2019 and has continued annually. The Income Tax Department, it said, actively analyzes the data to identify accounts that may warrant further investigation or enforcement action.
Anna Hazare’s Past Stance Under Spotlight
The development has brought Anna Hazare’s past activism under renewed scrutiny. During the UPA era, Hazare had emerged as a national anti-corruption figure, leading mass movements focused on issues such as black money allegedly hidden in foreign banks and demanding legislative reforms, including the passage of a strong Jan Lokpal Bill.
In 2011–2012, Hazare and his associates regularly accused Congress leaders of enabling the illegal stashing of wealth abroad, making it a core issue of their agitation. His public fasts and rallies drew widespread support and significantly influenced public discourse at the time.
However, in contrast to his past activism, Hazare has remained silent on the latest revelations, prompting critics—particularly from the Congress party—to question what they perceive as a selective approach to anti-corruption advocacy.
With the spotlight now on the dramatic rise in Swiss bank deposits linked to Indian entities, and the muted response from once-vocal campaigners like Hazare, the issue has reignited political debates around financial transparency, accountability, and the unequal scrutiny of different governments.
