India’s Special Investigation Team (SIT) is reviewing evidence in the so-called Panama Papers (Trade Based Financial Crimes, 20 April 2015) of suspected trade-based money laundering (TBML), as well as tax evasion and bank fraud.
Law enforcement agencies in India are also conducting ongoing enquiries into alleged TBML at Bank Baroda (Trade Based Financial Crimes, 15 November 2015).
Indian names
Reports submitted to SIT by the Income Tax department and the Enforcement Directorate (ED) and other agencies suggest that at least 500 Indian names have been published in the documents leaked from Panamanian law firm, Mossack Fonseca.
India’s law enforcement agencies are now working together in a multi-agency approach to cut down on TBML and other financial crimes.
Trading connections
One area the multiple agencies are focused is in examining possible connections between the Bank of Baroda case and offshore locations and shell companies revealed in the Panama Papers.
Investigators are said to be rigorously examining the finances and trading activities of the 500 or so Indians whose names appear on documents leaked from Mossack Fonseca.
Categories: Trade Based Financial crimes News
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