NFL vindicated by Monaco court

The court has been successfully convinced that the fund deposited in a bank in Monaco was the part of the urea scam.

GN Bureau | September 21, 2013



In a landmark judgment, the appellate court in Monaco ruled that Rs 60 crore deposited in the European tax haven was embezzled fund and ordered for it to be repatriated to National Fertilizers Ltd (NFL). The sum was deposited by Turkish national Tuncay Alankus, who is facing trial in the urea import scam.

According to a news report in the Business Line, NFL while applauding the decision has said that the move will help them to recover the money.

Vijay Phadke, a Paris based attorney of Indian origin has said that the court has been successfully convinced that the fund deposited in a bank in Monaco, which is safe tax haven, was the part of the urea scam.
 

 

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