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Tuesday, June 28, 2022

Fincen Files


ED raids IFFCO, its MD in alleged money laundering case

October 15, 2020 2:45 pm

The Indian Express had on October 10 reported that IFFCO’s transactions with three companies based in Dubai, Switzerland and Singapore were red-flagged by Deutsche Bank Trust Company Americas (DBTCA) to the US financial watchdog.

Deutsche Bank trust: 14 transactions of IFFCO, its CEO, red-flagged to US watchdog

October 10, 2020 8:08 am

IFFCO denies transactions, says CEO, MD not directly involved in procurement

FinCEN Files: 28 Indian banks asked if they alerted watchdog at home

October 09, 2020 7:35 am

Among banks which have the largest number of transactions under scrutiny are: State Bank of India, HDFC Bank, ICICI Bank and IndusInd Bank.

FinCEN Files: Arms agent kin’s firms routed funds via Russia, Seychelles and Israel

September 26, 2020 7:31 am

The firms were part of a financial structure set up by the family and associates of London-based international arms agent Sudhir Choudhrie.

FinCEN Files — Agusta, Maxis, Essar: probed at home, Indian firms on US radar as well

November 12, 2020 8:06 pm

Three SARs were raised by DBTCA and one by Standard Chartered Bank New York (SCB NY) between 2013 and 2016 against AgustaWestland, Finmeccanica (now Leonardo SpA) and other subsidiaries over 1,417 transactions ($889.6 million) during 2010-2015.

FinCEN Files: Before bankruptcy and probe, Bhushan Steel hit US radar for flows from Latvia, Dubai

September 24, 2020 7:10 am

These transactions, totalling $4.39 million, figure in several Suspicious Activity Reports (SARs) sent between 2012 and 2015 to the US regulatory agency that enforces money laundering laws, the records show.

FinCEN Files: 44 Indian banks, transactions of $1 billion, flagged to US regulator

September 24, 2020 2:25 pm

Records investigated show that Indian banks mentioned in the SARs include: state-owned Punjab National Bank (290 transactions); State Bank of India (102); Bank of Baroda (93); Union Bank of India (99) and Canara Bank (190), among others.

FinCEN Files: Wanted at home, Mumbai luxury car king flagged to US watchdog too

September 24, 2020 7:51 am

Due to “concerns of the heightened money laundering risk” associated with Vertu’s wire activities, Barclays Knightsbridge also filed its own SAR with its local regulator.

FinCEN Files — Antiques smuggler in Tamil Nadu jail, and a trade that flourished even after his arrest

September 23, 2020 4:37 pm

Transactions of $27.88 million were made between March 2010 and March 2017. The SAR noted: “Art is utilized as a money laundering vehicle and is a red flag which is commonly used to conceal cash.”

FinCEN Files — Cyprus to Isle of Man: Over 100 transactions linked to Max chairman

September 23, 2020 10:40 pm

In two SARs, the bank said that Singapore-based LGO Pte, a company where Analjit Singh is a director, which had an account with the bank, carried out transactions with “unknown entities, located in high-risk jurisdictions.”