MUMBAI: In the first instance of an Indian agency getting access to Swiss bank accounts in its black money probe, the Enforcement Directorate has frozen about Rs 6 crore of stashed funds of a Mumbai-based businessman in an alleged money laundering case, PTI reports.
The agency, which approached Swiss authorities some time back in connection with the probe, received a shot in the arm when the banking and enforcement authorities there agreed that the money stashed in the accounts was prima facie “proceeds of crime” and it was important for India to get access and control of these accounts. The case pertains to an alleged contravention of money laundering laws by Sayed Mohammed Masood, Chairman of ‘City Limousine’, whom the agency is probing for floating illegal ponzi (fraud investment plans) schemes by promising extraordinary returns which were not honoured. “Two Swiss accounts in the name of Masood and his business firms, holding USD 1.25 million, have been attached under the Prevention of Money Laundering Act,” case investigators said.
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