The FIR states that “…the accused firms entered into conspiracy with unknown bank officials for trade based money laundering….” “Prima facie it appears that the banks have not exercised any due diligence in verifying the genuineness of the importers and the documents that they have 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,” says the FIR.
The trade-based money laundering allegedly orchestrated by Stelkon Infratel was first unearthed by the Directorate of Revenue Intelligence (DRI) in 2016.
According to sources, the DRI probe found that Stelkon Infratel was being operated from a one-room office in Masjid Bunder. The other group firms, which operated current accounts in the banks, were floated using the Importer Exporter Code registered at fictitious addresses, the sources said.
The DRI, too, has alleged that the banks remitted money without conducting due diligence or carrying out the necessary suspicious cash transaction reporting (STR/CTR) to the financial intelligence unit-India (FIU-IND).
News Source- Indian Express