Indian Banks & Financial System

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Manish_P
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Re: Indian Banks & Financial System

Postby Manish_P » 25 Apr 2018 13:00

Mumbai hawala ‘king’ arrested for Rs 2,000 crore laundering

Mohammad Farooq alias Farooq Shaikh, one of the city’s biggest hawala operators, was arrested by the Enforcement Directorate (ED) on Tuesday in a Rs 2,253-crore money laundering case involving his Stelkon Infratel Pvt Ltd. Stelkon was part of Farooq’s network of 160 shell companies and was run from a one-room office in Zaveri Bazaar.

Farooq was on the radar of various probe agencies since 2014 and is believed to be associated with underworld elements, said officials.The Directorate of Revenue Intelligence had investigated the case of inflated remittances abroad and submitted a report to the ED in 2016 for action under the Prevention of Money Laundering Act. Last May, the CBI registered a case as it suspected the role of bank officials in the scam (see box). Subsequently, ED too registered a money laundering case against the same set of the accused.


ED officials said Farooq used his accounts with co-operative banks to deposit cash collected from his clients. After routing the money through several layers of transaction, he would bring the money into his accounts, mainly in nationalized banks, and then make the remittances after submitting forged documents. The CBI FIR says it appears that the banks did not exercise any due diligence in verifying the genuineness of the importers and the documents submitted during the request for remittances. “There appears to be no cross-checking regarding the veracity of the bill of entry before permitting the amount to be remitted,” it added. Sometimes, against a single bill of entry, the fraudsters remitted money several times through multiples banks or branches. Or, based on forged documents, the importers inflated the value of the imports and remitted this inflated amount.

chetak
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Re: Indian Banks & Financial System

Postby chetak » 25 Apr 2018 13:15

^^^^^^^

It only means that politically connected folks benefited from his business and it was in their interest to keep it running.

Some poor low level joe will be jugged and hauled over the coals and everyone will then pretend that all have done a great job in the fight against black money.

Business as usual and now, on to the next "grand" secular scheme of money making.

Same actors, same script but different shell company and different bank.

Supratik
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Location: USA

Re: Indian Banks & Financial System

Postby Supratik » 08 May 2018 21:26

Vijay Mallya looses a lawsuit in UK.

https://economictimes.indiatimes.com/ne ... 080899.cms

Manish_P
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Joined: 25 Mar 2010 17:34

Re: Indian Banks & Financial System

Postby Manish_P » 09 May 2018 12:48

Over 2000 ATMs shut down by banks in just 10 months

More than 2000 ATMs were closed in the ten months between May 2017 and February 2018 in different locations of the country, RBI data examined by FE Online said. The total number of onsite bank ATMs now stand at 107,630 from nearly 110,116 in May 2017, as on February 2018. The number of offsite bank ATMs have in fact increased and are now 99,029 from 98,360 in May 2017. The ATMs which are located at the branch premises are called on-site ATMs and the ATMs located away from the branch is called off-site ATM.


In order to reduce the cost associated with setting up and maintaining ATMs banks are shutting them down, said DT Franco, General Secretary, All India Bank Officers’ Confederation (AIBOC) told FE Online.


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