It enthralled children with stories from Indian mythology for decades while narrating virtues of good deeds, but the Chandamama magazine’s new owners are now in the dock for allegedly stashing funds in Swiss banks.

Mumbai-based Geodesic Ltd, which acquired the iconic magazine in 2007, and its three directors are being probed by Indian authorities for alleged money laundering and other financial irregularities, and Switzerland has agreed to provide “administrative assistance” (share information) regarding their accounts in its banks.

Switzerland was widely known as a safe haven for black money before it bowed to global pressure and agreed to bring down the famed secrecy walls that had historically surrounded its banks, provided the requesting country gave proof for financial irregularities committed by the concerned person or the company.

Change in stance

Along with several other countries, India has also been making use of this change in Switzerland’s stance by seeking details of suspected black money hoarders in Swiss banks, and it has got back information in a large number of cases in the last few years.

In a decision dated March 5, Switzerland’s Federal Tax Administration (FTA) decided to grant “administrative assistance” to India in respect of Geodesic Ltd and its three directors — Prashant Sharad Mulekar, Pankajkumar Onkar Srivastava and Kiran Kulkarni, according to the official documents.

As per the Swiss law, the FTA decision can be appealed within 30 days, provided the appellant is able to give sufficient ground to challenge it.

Earlier on October 30, 2018, the FTA decided to provide the financial dealings of Geodesic Ltd and the three individuals.

While that decision appears to have been challenged, the FTA has again decided to share the details with the Indian authorities, indicating that the earlier appeal could not sustain.

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