NEW DELHI, Dec 26: Indian financial intelligence sleuths are looking into over 100 suspicious transactions following requests from their foreign counterparts in the last fiscal for alleged black money and tax evasion.
A total of 113 requests of Suspicious Transactions Reports (STRs), highest in the last five fiscals, were received by Financial Intelligence Unit-India during 2011-12 and shared with intelligence, law enforcement agencies and regulators, officials said.
These STRs were sent from foreign financial intelligence units and were mainly related to alleged money laundering, they said.
“The STRs were shared with agencies including Enforcement Directorate, Directorate of Revenue Intelligence, Directorate General of Central Excise and Intelligence and Securities and Exchange Board of India among others,” a source said.
Besides, banks and insurance regulators have also been asked to share details in respect to these STRs, the source said.
A total of 93 requests were received by FIU-India during 2010-11, 84 in 2009-10, 69 in 2008-09 and 39 in 2007-08.
India has also sent 46 such requests seeking details of such suspicious transactions in the last fiscal.
The FIU-India had sent 67 such requests to foreign counterparts in 2010-11, 46 in 2009-10, 17 in 2008-09 and 13 during 2007-08.
An STR is a transaction which gives rise to a reasonable ground of suspicion that it may involve the proceeds of a crime, appears to be made in circumstances of unusual or unjustified complexity or have no economic rationale or bona fide purpose. (PTI)
Follow our WhatsApp channel