As India continues its pursuit of suspected black money stashed abroad, an international think-tank has ranked the country third globally with an estimated $94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.

As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to $439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity.

Russia is on the top with $122.86 billion, followed by China at the second position ($249.57 billion) in terms of the quantum of black money moving out of a country for 2012 -- the latest year for which these estimates have been made.

The Washington-based research and advocacy group further said that the illicit fund outflows from India accounts for nearly 10 per cent of a record $991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate "crime, corruption, and tax evasion".