Monday, April 18, 2016

Govt Gets Stash Info of 2 More Indians



Published: 03rd June 2015 06:00 AM



NEW DELHI: 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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