Suspicious transactions under intelligence scanner

In a bid to crack down on terror financing and large-scale money laundering activities, intelligence agencies, in coordination with the Financial Intelligence Unit-India (FIU-IND), are scanning suspicious money transactions in the country. “Intelligence agencies are looking into more than 5,000 such cases, which were forwarded for further investigation. Some cases were also forwarded to the law enforcement agencies for appropriate actions,” sources said.

Citing the intelligence report, Union Home Minister SushilKumar Shinde had recently expressed concern over terror outfits investing in stock markets through spurious companies. Revealing the modus-operandi of such groups, Shinde had said that such companies indulge in suspicious transactions through intermediaries.

Sources said intelligence agencies are looking into suspicious transactions detected in Maharashtra, Karnataka and West Bengal.“Transaction patterns of individuals and entities, under the scanner, are being watched by the agencies. It is feared that ill-gotten money is being laundered through these transactions. In certain cases, help of international agencies are also being sought.”

The FIU-IND, mandated to probe into money laundering and terrorist financing, had detected 10 cases of suspected terror financing in stock market in the past three years. After detecting several cases in 2009-2010, the FIU-IND keeps a watch on foreign fund transfer and has asked intermediaries to examine the individual’s identity, along with the nature of the transaction.

In 2011, the FIU-IND had forwarded over 18,000 transaction reports to law enforcement agencies across the country for probe.