New Delhi: A sudden deposit of Rs14 crore in a dormant account and a public listed firm purchasing Rs1.63 crore forex to arrange a business trip abroad are some suspicious transactions tracked by the government last year.
According to a finance ministry report, several strange and clever ways of dubious transactions made through the country’s banking channels were detected during its anti-money laundering and terror financing checks in 2008-2009.
Among the many cases, the financial intelligence found that Rs14 crore was remitted at one go to an inactive account, and a company got Rs1.63 crore forex to fund its employees’ business trip to Kyrgyztan.
In a transaction pertaining to “cross border remittances”, the report mentions the process of dubious transaction where “two customers settled in Dubai were reported to have received funds of around Rs 42 crore through Real Time Gross Settlement (RTGS) in their Indian accounts. The funds were immediately used for investment in the stock market.
“Thy were found to have received funds through serially numbered Demand Drafts of Rs5 lakh earlier,” the report said.
In an another case, the financial intelligence machinery found that “a husband and wife paid insurance premium of Rs2.5 crore for over 15 life insurance policies, out of which over Rs80 lakhs was paid in cash in multiple installments of less than Rs50,000.
“As per the feedback received, the information resulted in the admission of undisclosed income of the entire amount of insurance premium,” the report for 2008-09 said.