Monday, June 29, 2015

Sayed Mohammed Masood and Chand Kauser Masood in connection with a tax-evasion probe in India



Switzerland’s Federal Tax Administration (FTA) on Tuesday disclosed that it had shared with New Delhi the details of the foreign assets of Indian nationals Sayed Mohammed Masood and Chand Kauser Masood in connection with a tax-evasion probe in India. A notice to Masood and Kauser was served by the FTA on April 21, asking them to file an appeal within 30 days before the Federal Administrative Court if they didn’t want the details shared with Indian authorities.
The FTA has shared the details related to Wharf Ltd, a company with links to Masood and Kauser and based in tax haven Bahamas.
“The Federal Tax Administration provides [... ] concerning mutual assistance Sayed Mohammed Masood, born on 24 October 1956 Indian national. The Federal Tax Administration [ ... ] , in which the Wharf Limited, founded on 5 May 2006, [ ... ], Bahamas, appears: [ ... ],” the notification said.
Masood, chief of the investment scheme City Limouzines, is already being investigated by various agencies, including the Enforcement Directorate (ED), for alleged money laundering. In 2012 the ED attached two Swiss accounts of Masood and his business firms under the Prevention of Money Laundering Act (PMLA). He is under probe for floating ponzi schemes and cheating thousands of investors.
Although the account holder can appeal within 30 days of the “final Instructions”, the information related to the assets and Masood’s company will help the Indian investigators.
“The notice of appeal must contain the request, the reasons with reference to the evidence and the signature of the complainant or their representatives,” the FTA said.

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