CBI has managed to freeze Rs 9.5 crore in the US which was alleged to have been illegally transferred by the Chief Executive Officer (CEO) of General Insurance Company to a firm based in Washington.
CBI has managed to freeze Rs 9.5 crore in the US which was alleged to have been illegally transferred by the Chief Executive Officer (CEO) of General Insurance Company Syed Farrukh Shah to a firm based in Washington.
The sources said the agency, working in tandem with US domestic intelligence agency FBI, was able to identify the amount which was in the “banking channels” there and got it frozen. They said proceedings are on to bring it back to India.
The case relates to a complaint filed by GIC in October last year alleging that the Chief Executive Officer of its Dubai branch Syed Farrukh Shah had transferred over 14 lakh USD (about Rs 9.5 crore as per the present exchange rates) from the company’s account in Bank of Baroda to one Washington DC-based company T.O International group’s account in PNC Bank on June 4, 2015.
Shah has been questioned by CBI in connection with the case.
The sources said the directions to transfer the amount were allegedly issued by Shah on the basis of fake and fraudulent mails, purportedly from the then Chairman-cum- Managing Director of GIC, Ashok Kumar Roy, and a London-based individual Christopher Adams, received on his official email ID.
The mails claimed that GIC was acquiring shares in the US based company and Dubai branch of the insurer has been chosen to handle the acquisition proceedings, they said.
The agency got in touch with FBI and managed to locate the amount which was still in the “banking channels” of the USA. After it was located, the amount was frozen.
CBI has also sent Letters Rogatory to the US, along with the letter from a special court in Mumbai to attach the amount, they said.