US Accuses 44 Banks Of Suspicious Transactions

As many as 44 Indian banks and several companies have been accused of involving in suspicious transactions leading to terror financing and money laundering. These transactions were part of $2 trillion suspicious transfers in the Financial Crimes Enforcement Network (FinCEN)  of the US government list of over 2,500 documents. Most of the files were sent by banks to the US authorities between 2000 and 2017. Many transactions had not been flagged by Indian authorities. In fact there is not much an Indian regulator can do because all dollar transactions pass through the US authorities. Adani group’s Singapore based arm Adani Global PTE got involved in this fiasco, being allegedly involved in suspicious transactions worth $6.24 billion with shell like companies in Seychelles between 2005-2014. Bhushan Steel’s transactions are flagged by foreign banks to FinCEN. The total...