Babu urges PM to bring back cash stash from tax havens

Expressing serious concern over the corruption and black money being stashed away in foreign countries, Telugu Desam Party president N Chandrababu Naidu on Sunday addressed a letter to Prime minister Manmohan Singh urging him to take steps to bring back this money and ensure transparency in financial transactions in and outside the country.

Releasing the four-page letter to media persons, Mr Naidu stated that the unholy nexus between political, bureaucratic, corporate sector and failure of laws have shaken the confidence of people and our democracy.

He said the serious frauds related to 2G Spectrum, the Commonwealth games, LIC Loan scam, exploitation of mineral and other natural resources, SEZ allotments with corrupt motives, indiscriminate allotment of lands have had a debilitating influence on polity.

The former chief minister asked the Prime Minister to prevent these by placing effective monitoring mechanism free from political and bureaucratic influences.

If these scandals unchecked and the culprits go unpunished, he said the electoral processes have been subverted either to form or topple government with the influence of black money, the TDP chief said.

Mr Naidu pointed out that the Supreme Court has pointed out that the phenomenon of black money would pose a threat to National security and appealed to the Prime Minister to amend laws and give more teeth to laws to deal with black money.