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Financial Intelligence Unit

Narendra Modi government, regulators mull challenge-proof definition for shell companies

Narendra Modi government, regulators mull challenge-proof definition for shell companies

Sun, May 13, 2018

A number of entities accused of using 'shell companies' for money laundering and other financial wrongdoings have challenged the regulatory action against them in recent months and there is a feeling that all regulatory gaps must be filled to avoid delay in bringing the guilty to book, officials said

Bank of Baroda Rs 6,000 cr forex remittance scam: FIU slaps Rs 9 cr fine

Bank of Baroda Rs 6,000 cr forex remittance scam: FIU slaps Rs 9 cr fine

Wed, Apr 04, 2018

The FIU said the bank failed to have effective internal system in place for disposal of 8,692 alerts, detecting and reporting suspicious transactions, failure in carrying out effective customer due diligence in respect of 73 accounts, delayed filing of 8,822 EFT (electronic funds transfer) reports and failure to file EFT reports in respect of transactions in two separate accounts.

Black money: 5 power points that reveal wrongdoing to banks

Black money: 5 power points that reveal wrongdoing to banks

Tue, Mar 13, 2018

The cases of reported suspicious financial transactions, as per India's Finance Ministry, have grown by an alarming rate in the last three years. The cases in fact went up from as less as 45,858 in the year 2014-15 to 61,361 in 2015-16 and 361,000 in 2016-17.

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PNB fraud: To catch a thief, Centre has these 12 tough steps; in brief, read all about it

PNB fraud: To catch a thief, Centre has these 12 tough steps; in brief, read all about it

Tue, Feb 27, 2018

RBI data suggests that between 2013 and 2017, a total of 17,504 cases of frauds were reported by public and private banks. Of these, about 2,084 had insider involvement.

9,500 NBFCs seen as 'high risk' companies by Finance Ministry

9,500 NBFCs seen as 'high risk' companies by Finance Ministry

Mon, Feb 26, 2018

It is being known that these NBFCs and co-operative banks were found converting banned Rs 500 and Rs 1000 notes during the demonetisation drive in November 2016.

Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16

Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16

Sun, Jul 30, 2017

The report of the Financial Intelligence Unit (FIU), the premier technical snoop wing under the Finance Ministry, said the financial year 2015-16 saw a "record increase" in the detection of such instances.

DIA authorised to get blackmoney-related details from FIU

DIA authorised to get blackmoney-related details from FIU

Sun, Feb 19, 2017

The move is aimed at arming the DIA with necessary details to act against terror funding and hawala transactions, mainly in Jammu and Kashmir and in the North Eastern states of the country, officials said today.

India attends international task-force meet on Panama Papers in Paris

India attends international task-force meet on Panama Papers in Paris

Fri, Jan 20, 2017

The Government of India announced on Friday of its participation in the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting on Panama Papers held in Paris on January 16 and 17.

Suspect cash: I-T dept warns violators will face maximum 7 year jail

Suspect cash: I-T dept warns violators will face maximum 7 year jail

Sun, Nov 20, 2016

Such instances where the suspicion is found to be true will be prosecuted under the Benami Property Transactions Act, 1988.

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