'India defenceless against Mr Q'

New Delhi: The money is gone. Italian businessman Ottavio Quattrocchi has taken away nearly Rs 21 crore, stashed in the two bank accounts in London's BSIAG bank.

The money disappeared on Janury 12, the day after British courts ordered defreezing of the accounts. The money has reportedly been transferred to Quattrocchi's wife, Maria's accounts.

Back in New Delhi, the Indian government has thrown up its hands and says that the Bofors money is beyond its reach.

This admission comes after CNN-IBN learnt from the sources that Quattrochhi had moved the money soon after the account was unfrozen.

Defence Minister Pranab Mukherjee has admitted that the Indian government has no jurisdiction over Ottavio Quattrocchi's UK bank accounts.

"What can be done is that legal experts can examine the issue, but India has no jurisdiction in any other country," said Mukherjee.

The revelation comes a day after it was revealed that the London High Court had de-freezed the Italian businessman's accounts.

The development has put CBI in a tight spot position, especially after Monday's U-turn that the de-freeze order was issued by them and not the Law Ministry.

The position of the CBI becomes even more uncomfortable with the Supreme Court's order on Monday that the government should ensure that money is not taken out of the accounts.

The CBI says that they have again approached the Crown Prosecution Service in London.

However, according to the Crown Prosecution Service, since banks in Britain are not bound by Indian laws, the CBI cannot do anything about the money disappearing now.

What is worse is that it now looks increasingly difficult that the CBI can ever get Quattrocchi back in the country to face justice.

Despite Quattrocchi's offer to cooperate with CBI officers in Milan, Italian laws ensure that he can never be extradited against his own wish.

What's more, though the investigative agency is insisting that it will try its best to get Quattrocchi extradited from Italy, they also admit that the legal hurdles are too steep to overcome.

(With Akansha Bannerjee in London)