In a major victory for the Central Bureau of Investigation, Britain's Supreme Court on Wednesday upheld the decision of high court for freezing the bank accounts of Italian businessman Ottavio Quattrocchi, an accused in the Bofors payoff case.

Quattrocchi had filed a review petition before the Supreme Court challenging the order. After hearing arguments on both sides the court upheld the order.

A division bench of the London high court on November 24 had upheld the decision of the British government to freeze on India's request two accounts of Quattrocchi having three million Euros and one million dollars, CBI sources said.

The court in its ruling said that the two bank accounts -- 5A5151516L and 5A5151516M -- with BSIAG Bank, London having would continue to remain frozen.

It said that the restraint order of the government would continue to remain in force and that there would be no movement of funds, the sources said.

Also Read Complete coverage of Bofors scam

The advocate appointed by the Crown Prosecutor General of Britain argued the case for CBI and submitted relevant documents handed over by the agency.

The prosecution argued the money could not be released, as there was an immediate need to probe its source following the CBI allegation that it was part of the payment that Quattrocchi had got from Bofors.

The CBI had also briefed the Prosecutor General on Quattrocchi's role in the Bofors payoff case and his continuous attempt to evade appearance in the Indian court.

The CBI contends that Quattrocchi, one of the main accused in the Rs 64 crore Bofors scam, 'in a deceitful manner... had been transferring the funds from one account to another to evade detection by the law'.

Britain, while acting swiftly on India's plea, had frozen two bank accounts having huge deposits of the Italian businessman.

The CBI also claimed that it was believed that 'the amount of three million pounds stashed in the accounts was a part of 73.43 lakh dollars paid to him (Quattrochhi) by A B Bofors through A E Services'. 

Quattrocchi was facing an extradition trial in Malaysia. However, after the CBI's appeal was quashed by the lower court and high court in Kuala Lumpur, the Italian businessman left that country and was believed to be in Italy.

Quattrocchi has maintained in the past that he is not involved in Bofors payoffs and that he was being targeted for political reasons.