Black money: Intel agencies probe over 1,100 deals

Over 1,100 financial transactions of firms and individuals during the last fiscal are under the scanner of intelligence agencies for alleged money laundering and black money dealings.

Over 1,100 financial transactions of firms and individuals during the last fiscal are under the scanner of intelligence agencies for alleged money laundering and black money dealings.

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A total of 1,130 Suspicious Transactions Reports (STRs), the highest in the last six years, was passed on to the Central Board of Excise and Customs and its two key intelligence units Directorate of Revenue Intelligence (DRI) and Directorate General of Central Excise Intelligence (DGCEI) during 2011-12 by the Financial Intelligence Unit (FIU), of the Finance Ministry.

Sources said the STRs shared by FIU-IND were mainly related to tax evasion and money laundering.

"The STRs given by the financial intelligence unit are being looked into. We have also sought relevant details from the banks and firms involved in it," a senior DRI official said.

Whereas, a total of 121 STRs were shared by the FIU during 2010-11, 96 during 2009-10, 26 during 2008-09, 14 in 2007-06 and 10 in 2006-07.

According to the Prevention of Money laundering Act, 2002, every banking company is required to furnish details of suspicious transactions whether or not made in cash.

A 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.