For over a year, various state governments and income tax authorities sat on suspicious transaction tip-offs that were reported by banks to the Financial Intelligence Unit (FIU) of the finance ministry.
“Suspicious transactions by the Saradha Realty Group were first reported by
banks for the July-September period in 2011 and then again for the December-January quarter in 2012. The matter was reported to the FIU which in turn reported it to the income tax authorities for action. No action was forthcoming in the matter,” a finance ministry official told HT.
“Many states, including West Bengal, were informed with specific reference to Saradha, but to no avail,” the official added.