44 Indian banks have been involved in connection with transactions by Indian entities and individuals in a set of Suspicious Activity Reports (SARs) filed by the US banks with the watchdog agency Financial Crimes Enforcement Network (FinCEN).
Report of FinCEN discloses that 44 Indian banks public, private and foreign were flagged for transactions that allowed criminals to move “dirty money” around the globe.
These could relate to activities such as money laundering, terrorism and drugs.
Investigated record 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.
Documents show that Indian banks were involved 3,201 illegal transactions valued at over $1.53 billion.
These include several hundred transactions related to Indian entities and businessmen where the Indian shippers or recipients have addresses in foreign jurisdictions.
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