New Delhi: Despite Central Government’s tall claim of curbing the menace of blackmoney, there are host of Indian companies continuing investment in the countries where money earned from illegal sources are parked safely.

At a time when the world economy is faltering, the Indian companies are showing a remarkable inclination towards investing in foreign nations including British Virgin Islands, Cayman Islands   and others that are acting as Swiss windows for blackmoney.

As per the recent figures, the Indian companies had invested USD 28.16 crore in British Virgin Islands during 2010-11 fiscal. This amount has crossed the mark of USD 60.94 crore during April-November 2011.

The latest trend shows that out of ten foreign countries in which the Indian firms are investing, seven have earned reputation of diverting blackmoney.

Mauritius has emerged as the hot favourite for investment in the recent years. Ironically, this year, the country has shown a decline in grabbing Indian companies.

However, USA and Britain have attracted higher investments by the Indian companies than Mauritius in 2011-12 financial years.

Experts consider the Indo-Mauritius double taxation agreement which is undergoing renegotiation, responsible for the slow pace of investment between both the countries. After Mauritius, Singapore has attracted investments from Indian markets.