Dozens of banks, irrespective of them being private, public, or foreign, helped in executing transactions that were red-flagged by the government between 2010 and 2017.
The International Consortium of Investigative Journalism (ICIJ) obtained top-secret Suspicious Activity Reports, or SARs, of over $2 trillion around the world, says a Business Standard report. Even though these transactions do not serve as absolute proof of malicious activity, they are red-flagged by US authorities as dubious.
These files so far have established sender-receiver connections for 406 transactions in India involving all major banks, including the country’s largest lender, State Bank of India.
As per the leaks, Indian banks transferred from India $406,278,962 and received $482,181,226 from outside the country. All of these transactions were red-flagged by administrations.
A few transactions mentioned below:
On July 9, 2011, Standard Chartered Bank, in a single transaction transferred $8,173,378 to Merrill Lynch Bank Suisse.
Between November 4, 2015, and April 14, 2016Bank of India received $119,548,135 in 19 transactions from DBS Bank.
Between October 25, 2012, and November 26, 2012, Deutsche Bank AG in two transactions sent its local Indian arm Deutsche Bank in India $53,520,418.
Between September 24, 2012, and February 15, 2013, The Indian arm of HDFC Bank transferred Standard Chartered Bank $327,999,890 through 11 transactions.
Between June 13, 2008 and November 7, 2012, IndusInd Bank sent $8,260,868 to HSBC in 55 transactions.
Between January 25, 2012, and October 9, 2012, SBI sent $5,791,055 to DNB Nor Bank Asa in nine transactions. Between March 2, 2014 and March 23, 2014, SBI received $23,325,000 from Rak Bank through six transactions.
Between July 24, 2013, and November 7, 2013, State-owned Canara Bank received $2,761,523 from the National Bk of Ras Al Khaimah Psc through 20 transactions.
Between January 13, 2010, and December 23, 2010, Bank of India received $11,214,476 from Rizal Commercial Banking Corp in 16 transactions.
Not just the big Indian banks but even the smallest banks in the country were involved. Between December 9, 2010 and December 24, 2010Tamilnad Mercantile Bank received $185,626 from Standard Chartered Bank in three transactions.
ICJI until now, has listed these Indian banks in suspicious transactions: Punjab National Bank, State Bank of India, Union Bank of India, HDFC Bank, Indusind Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, Indian Overseas Bank, Axis Bank, Canara Bank, Bank of Maharashtra, Karur Vysya Bank, Tamilnad Mercantile Bank, Bank of India, Bank of Baroda, Standard Chartered Bank (India operations), Allahabad Bank, Indian Overseas Bank, Indian Bank, Deutsche Bank (India operations), UCO Bank, Andhra Bank, and Vijaya Bank, Karnataka Bank, RBS, according to the reports.
Information about the transaction is available on the organization’s website. To the date, FinCEN has meticulously hunted 18,153 transactions totalling $35 billion. links between both sending and beneficiary banks have been established in these transactions. The transactions took place between 2000 and 2017.