Tip-off on Saradha ignored

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.

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.

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“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.