LGT Bank probe: ED set to issue notice

“In the black money probe into accounts in LGT Bank, a show cause notice seeking clarifications will soon be sent to Ashok Jaipuria, chairman and MD Cosmo Ferrites and Cosmo Films, as our investigations indicate that he was the real beneficiary of the money parked in the bank in the name of the trust Raj Foundation,” said an ED source.

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“As regards Arun Kochhar, an NRI businessman who set up Urvashi Foundation which has an account in LGT Bank, legal opinion is being sought on whether we can proceed further as he secured US citizenship in 1999,” the source said.

In August last year, the Centre finally handed the Supreme Court the names and documents of 18 Indians who have stashed black money in Germany’s LGT Bank in Liechtenstein, which had been accessed first by The Indian Express.