New Delhi: In a series of suspicious activity reports (SAR) submitted by Bank of America to the financial crime enforcement network (FinCEN), the regulator, forty-four Indian banks have been marked as related to transactions of Indian entities and individuals.
The FinCEN report shows that 44 Indian banks (including public, private and foreign banks) are marked as transactions that allow criminals to transfer “dirty money” globally. These activities may involve money laundering, terrorism, and drugs.
Investigation records show that the Indian banks mentioned in the SAR include: State-owned Punjab National Bank (290 transactions); National Bank of India (102); Bank of Baroda (93); United Bank of India (99) and Kanara Bank ( 190) etc.
Documents show that Indian banks involved a total of 3201 illegal transactions with a total value of more than 1.53 billion US dollars. These include hundreds of transactions related to Indian entities and merchants. The Indian consignor or recipient has an address in a foreign jurisdiction.