The fourth exposure by Mr. Arvind Kejriwal and Mr. Prashant Bhusan is easily the most serious and substantial given by the India against Corruption (IAC) team made thus far. True, once again there is no startlingly new information. The issues raised had been reported earlier. These were black money in Swiss banks, hawala transactions as the mode of transferring funds in and out of the country, the enormous impetus all this has given to crime and terror, and the danger of criminal money legally being invested in the Indian economy through fraudulent Foreign Direct Investment (FDI) channels.
What was new were the copies of official documents procured by the team to substantiate some of their charges. The names of big businessmen holding Swiss bank accounts were confirmed. But more lethal were the record and references of how the government deliberately protected the criminals as well as the foreign bank guiltiest of promoting drugs, terrorism and corruption in India by facilitating such illegal financial dealings. And that is what makes the latest exposure most crucial.
The guilty bank is the Hong Kong and Shanghai Banking Corporation (HSBC). The period during which the criminal activities of this bank were overlooked and the guilty Indian foreign account holders were protected by the government even though relevant information to nail them was available to it was during Mr. Pranab Mukherjee’s tenure as India ’s Finance Minister. Mr. Kejriwal in his press conference conceded that "although now Mr. Mukherjee is President of India he nevertheless owes an explanation to the nation".
It is entirely possible that the President has a rational explanation that addresses the questions raised by Mr. Kejriwal. He is under no obligation to explain. However it would provide huge comfort to the public if as President of India he would reassure the public that India continues to be in safe hands.