A cautious investigation is ongoing into dealing of over 100 entities by each stock market. The probe intends to detect possible re-routing of black money, as India steps up its pressure on Switzerland to get particulars of potential tax evaders having bank accounts in the European nations.

The probe includes those individuals whose names figure in a list of over 700 Swiss bank account holders, as also the bankers and associates related to certain banks whose Switzerland-based branches are under scanner.

In addition to this, over 10 listed Indian companies including a high profile concerns directly or indirectly connected to these financial institutions and their domestic customers are also under a probe net for any assumed market manipulations, informed sources revealed.

It is supposed that a few of these entities may have re-routed their illicit wealth through the stock market way, by employing intricate fund structures of certain foreign-based funds, with those floated by select European banking titans.

The sources divulged that a few big financial institutions and banks are under scanner, although it is also likely that the banks themselves might be ignorant of the unlawful transactions being carried out by their officials for the benefit of their clients.

The sources further revealed that these bankers may have first persuaded their customers to transfer their funds to non-Swiss sites like Singapore, Dubai and London before final transfer to India, to avoid the ever-growing glare or regulatory and intelligence agencies on funds and entities linked to Switzerland.

While places like Mauritius and Cyprus previously used to be preferred locations, these places have themselves now come under Indian agencies’ glare and therefore bankers are opting for some new routes.