3rd May 2019
India will ask the global money laundering and terror finance watchdog to put Pakistan on a blacklist of countries that fail to meet international standards in stopping financial crime, Finance Minister Arun Jaitley said on Thursday. The Financial Action Task Force (FATF) already has Pakistan on its “grey list” of… Read More
8th April 2019
Dutch prosecutors on Friday said they have arrested three former employees of a Dutch company suspected of laundering about $1.2 billion for a client in India. The company bought materials and services for a client that since 2006 has been involved in a major gas pipeline project in India, the… Read More
2nd April 2019
India’s Serious Fraud Investigation Office (SFIO) has arrested the former chairman of debt-laden Infrastructure Leasing and Financial Services (IL&FS) in connection with an ongoing investigation into the lender, a government official said on Monday. Hari Sankaran, the former chairman and managing director of IL&FS, was arrested for “abusing his powers… Read More
29th March 2019
The United States has instructed oil trading houses and refiners around the world to further cut dealings with Venezuela or face sanctions themselves, even if the trades are not prohibited by published U.S. sanctions, three sources familiar with the matter said. The move comes as Washington’s efforts to oust President… Read More
26th March 2019
Indian tax authorities are hoping for a windfall with the auction on Tuesday of rare oil paintings that were once part of fugitive billionaire jeweler Nirav Modi’s collection and have been seized by the government. Auctioneers say the sale is the first of its kind in a country where tax… Read More
22nd March 2019
India’s Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar U.S.-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its U.S.-based subsidiary before Washington… Read More
21st March 2019
AP — Diamond tycoon Nirav Modi, whose jewels once adorned stars from Bollywood to Hollywood, was ordered held without bail in London on Wednesday, more than a year after Indian authorities alleged he was involved in a $1.8 billion bank fraud. A judge remanded Modi… Read More
8th March 2019
India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a waiver of U.S. sanctions past early May, two sources in India with knowledge of the matter said. India has reduced its purchases of Iranian… Read More
6th March 2019
India’s central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT. The Reserve Bank of India imposed the fines over the past four days, according… Read More
3rd March 2019
India’s financial crime fighting agency said on Friday it was conducting searches on properties of former ICICI Bank CEO Chanda Kochhar and a top executive of Videocon group, amid probes into suspected conflict of interest and misconduct. Searches, under prevention of money laundering laws, were being conducted in Mumbai and… Read More