Urea scam case: NFL wins case in Monaco court
New Delhi: National Fertilizers Ltd (NFL) Friday won a legal battle in a court in a European tax-haven Monaco which has directed the "repatriation" of Rs 60 crores parked in a bank there by a foreigner accused in the Rs 133 crore urea scam of 1995.
The Appellate Court in Monaco ordered that Rs 60 crore deposited by Turkish national Tuncay Alankus, who is facing trial in the urea import scam, was embezzled fund and has to be repatriated to the NFL.
The Paris-based attorney of Indian origin, Vijay Phadke, who fought the case for the NFL, said "The Appellate Court in Monaco has held that the money eventually will be repatriated in favour of the NFL.
"We have been successful in satisfying the court that the fund deposited in a bank in Monaco, which is safe tax haven, was the part of the urea scam," he told PTI.
Phadke, who is on a personal visit to India, said the bank account of the Turkish national, who is on bail in the case in a Delhi Court, was attached long time ago.
When contacted NFL said "this win in a foreign court is a landmark decision and will help in recovering the money".
Besides Alankus, other foreign nationals chargesheeted in the case were Cihan Karanci and Brazilian national A E Pinto.
Alankus and Karanci were executives of Turkish firm Karsan Ltd and are presently on bail and have been restrained from leaving India. Pinto, who was brought from London in connection with the case, died during the pendency of the trial.
CBI had chargesheeted former prime minister P V Narasimha Rao's relative B Sanjeeva Rao, former Union minister Ramlakhan Singh Yadav's son Prakash Chandra and seven others in the case.
Former NFL Managing Director C K Ramakrishnan, its former executive director Dilbagh Singh Kanwar, Karsan's Indian agent M Sambasiva Rao, one D Mallesam Goud are also accused in the case.
The accused have been charged with criminal conspiracy under Section 120 B read with Sections 409 and 420 of the Indian Penal Code and under various sections of the Prevention of Corruption Act.
According to the chargesheet, NFL paid the entire contract amount of 37.62 million dollar in advance on November 29, 1995, for the purchase of urea. But the accused shared the amount amongst themselves without honouring the contract.
Alankus "dishonestly" transferred the amount in various foreign banks and also in the account of Karanci. The money were paid to Indian accused through hawala channel.