Chandamama

money laundering

Switzerland

Enforcement Directorate

Mumbai Police

Owners of the once cult children's magazineare now under scrutiny for allegedly parking illegal funds in Swiss banks.Mumbai-based Geodesic Ltd, which acquired the magazine in 2007, and its three directors- Prashant Sharad Mulekar, Pankajkumar Onkar Srivastava and Kiran Kulkarni-are already being probed for allegedof Rs 812 core and other financial irregularities. Kulkarni, Mulekar and Shrivastava, and the firm's chartered accountant, Dinesh Jajodia, are currently under arrest.On March 5,'s Federal Tax Administration (FTA) decided to grant "administrative assistance" to India regarding their accounts in its banks, according to official documents. The phrase broadly means sharing of information with India.As per the Swiss law, the FTA decision can be appealed within 30 days, provided the appellant is able to give sufficient grounds to challenge it.While the Swiss government documents did not disclose specific details related to the information and assistance sought by the Indian authorities, such an 'administrative assistance' follows submission of proof about financial and tax-related wrongdoings and typically involves sharing of information related to bank account details and other financial data.The FTA had on October 30, 2018, decided to provide similar administrative assistance, but that decision is appeared to have been challenged.On January 11 this year, the Bombay High Court ordered the sale of the intellectual property rights of Chandamama, the Chennai-based magazine that was once a staple of most Indian homes and has been in the custody of the official liquidator since 2014. According to sources, Chandamama is estimated to be valued over Rs 25 crore.The 1982-incorporated Geodesic, once known as a fast-growing company with cutting-edge technology solutions, does not have a functional website anymore and is also no longer a listed entity as trading in its shares has been suspended by stock exchanges for "procedural reasons". It has faced the wrath of capital markets regulator SEBI for multiple violations.The company and its directors have also faced action from the(ED) and the economic offences wing of the. Apart from Chandamama, the ED has also attached assets worth Rs 16 crore of the directors of Geodesic.- Mumbai Mirror Bureau