Intel teams had been trailing Nasir for 2 years

For the last two years, the United State of America's Central Intelligence Agency (CIA), the United Kingdom's MI 16 and Indian intelligence agencies and revenue enforcement agencies, like Enforcement Directorate (ED), Directorate of Revenue Intelligence (DRI) and Customs, have been trailing the London- based businessman, Nasir Khan Patel, having links with a world- wide non-banking financial group of companies.

A two- member police team from London is in Mumbai to meet with Mumbai police, Enforcement Directorate and Customs officials, to ferret out details on his links with a group of companies suspected to be allegedly involved in money laundering activities operating out from Mumbai.

The suspect is believed to be connected with the group of companies that is a leading financial services conglomerate with money remittance and non- banking finance services as its core activities.

It is one of the authorized money changer in the country dealing in selling and buying of foreign currencies and number of other related foreign exchange services having tie- ups with some of the world's leading money transfer companies.

The conglomerate has international tie- ups with companies running foreign exchange and money remittance business. This multi-crore conglomerate has a wide network in the Middle East, Far East, Australia, Europe and US. According to Customs officials, the group had come under the scanner of the revenue and law enforcement agencies in India, New Zealand, Australia and UK, following the group's suspected role in alleged international money laundering operations.

" Around three years back, this Cork- based company of the conglomerate had issued fraudulent Letters of Credit to facilitate Dubai- based importers to purchase pulses. The face value of the Letters of Credit were also found to be backdated. Around forty Indian businessmen were arrested in this US $ 500 million export fraud, on alleged counts of laundering tainted money of politicians, bureaucrats and businessmen to UK, Italy and US," said a Customs official.