London Daily Telegraph Article(1/26/97) on Osicom:
Police turn to US in drug money inquiry
By Robert Tyerman
BRITISH police and US prosecutors are making inquiries about senior directors of Osicom Technologies, a US engineering company, as part of a wide-ranging inquiry into allegations of drug trafficking and money laundering.
Parvinder Chada, chief executive of Osicom, and Barry Witz, a fellow director of the Santa Monica-based company which is quoted on Nasdaq, are named in a subpoena issued by the Eastern District Court of New York. This requests assistance in providing documentary information for a team of British police from the South East Regional Crime Squad.
The British investigation concerns the whereabouts of up to $8m, alleged to be the proceeds of drug trading by an American criminal, Stephen Saccoccia. He was sentenced in the US to 660 years, after being convicted in 1993 of a series of drug trafficking and money laundering offences.
The New York subpoena was issued last year by Commissioner Jo-Anne Wiesbart, assistant US Attorney. It followed a formal request known as a "letter rogatory" from the Home Office on behalf of the Crown Prosecution Service. Neither the Crown Prosecution Service nor the South East Regional Crime Squad would comment on the case. No arrests have been made and no charges brought in this inquiry. <end>
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