New Delhi: The Central Bureau of Investigation (CBI) has made considerable progress in tracking the funds of one of the main accused, Ottavio Quattrocchi, in Rs 64 crore Bofors case, highly-placed sources in the agency said today (May 15, 2004).

The investigating team, which returned last week after visiting four countries - Sweden, Switzerland, Bahamas and Britain - had made considerable progress in the case, the sources said.

They said that the CBI team had made decisive progress in Bahamas from where the agency alleges that funds had been routed to Quattrocchi's two bank accounts in London, which have been sealed by British authorities.

Sources said Bahamas has agreed to consider the letters rogatory issued by India.