India's wealthy have never had it so good. That's got them worried

Fear of tax inspectors drives elite to send more money overseas

Henny Sender

December 19, 2023 17:00 JST

Wealthy Indians channel their money out of the country along various paths, often using Singapore or Dubai as the first stop as many have family offices in those cities. © Reuters

Henny Sender is the founder and managing partner of Apsara Advisory, a strategic consultancy for financial services companies. She was previously a managing director at investment company BlackRock.

The acronym "ICED" is currently making the rounds of the wealthy elite of India's technology capital, Bengaluru, and of Mumbai, the nation's financial capital.