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.
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.
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.
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.
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.
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.”
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.”
Pawan Kalyan visits ailing fan Niranjan in Hanumakonda, says the meeting left him inspired
Entertainment41 min ago
Andhra Pradesh Deputy Chief Minister Pawan Kalyan visited a young fan with a rare health condition in Hanumakonda, Warangal. The boy, Niranjan, inspired Pawan with his courage and resilience. Pawan spent 45 minutes with the family, comforting the teenager and promising financial assistance for his medical expenses.
