Black Money Row: Swiss Bank in a big move to reveal names of two Indian firms, spread fears
As per Swiss Bank strict policy, it never will never disclose the account details even on request by the Government of depositer’s country. However, taking note of the Indian Government’s continuous appeal, the Government of Switzerland has decided to share with the authorities the details of the two companies and three individuals who are facing the investigations continuously in India.
As per separate gazette notifications of the Swiss government, the country's federal tax department has agreed to provide 'administrative assistance' to India on requests made about Geodesic Ltd and Aadhi Enterprises Private Ltd.
Geodesic Ltd is already under market regulator Sebi’s radar for multiple violations, Aadhi Enterprises Private Ltd is said to be politically well connected. The Swiss federal tax department has also agreed to share information on three individuals associated with Geodesic - Pankajkumar Onkar Srivastava, Prashant Sharad Mulekar and Kiran Kulkarni.
Even though, Aadhi doesn’t have any history in big business transactions, it received Rs 250 crore from Pacatolous Investments Ltd, a Mauritius firm, as foreign direct investment with RBI clearance for land acquisition.
Aadhi’s name first popped up during I-T raids on the premises of Edison Energy India Private Ltd in Chennai, sources said.