1. CBI files FIR in Rs 2,252 crore money laundering scam, probes 13 firms; says ‘banks did not exercise any due diligence’

CBI files FIR in Rs 2,252 crore money laundering scam, probes 13 firms; says ‘banks did not exercise any due diligence’

The CBI FIR says that Stelkon Infratel Private Limited and a dozen of its group firms had submitted forged bills of entry imports.

By: | New Delhi | Published: May 16, 2017 12:03 PM
black money, money laundering, CBI, DRI, Punjab ANtional Bank, Axis Bank, Canara bank, Corporation Bank, RTGS, NEFT, Stelkon Infratel Private Limited CBI has filed an FIR against 13 firms for illegally transferring Rs 2,252 crore abroad through fraudulent imports between August 2015 and February 2016. (Source: PTI)

CBI has filed an FIR against 13 firms for illegally transferring Rs 2,252 crore abroad through fraudulent imports between August 2015 and February 2016. The central probe agency has also mentioned public servants for aiding in transferring the money through six banks, according to The Indian Express.

The CBI FIR says that Stelkon Infratel Private Limited and a dozen of its group firms had submitted forged bills of entry imports at Axis Bank, Corporation Bank, Punjab National Bank, Central Bank of India, Canara Bank and State Bank of Hyderabad. The banks remitted the money abroad through Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT), reported the Indian Express.
The FIR reads, “Accused firms entered into a conspiracy with unknown bank officials to launder money. It appears the banks did not exercise any due diligence in verifying the genuineness of the importers.”

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Directorate of Revenue Intelligence (DRI) had first unearthed the trade-based money laundering allegedly orchestrated by Stelkon Infratel in 2016. DRI added banks remitted money without any due diligence and they did not report Suspicious Cash Transaction (STR/CTR) to Financial Intelligence Unit-India (FIU-IND).

Stelkon Infratel carried out 187 transactions through Punjab National Bank alone, sending Rs 467.74 crore abroad against 25 import shipments, the FIR states that shipments had a declared value of Rs 3.14 crore only. The FIR also stated that actual import was to the tune of Rs 24.64 crore only.

Indian Express reports that, CBI is also probing 12 other Stelkon Infratel group firms namely Apolla Enterprises, Kundan Trading, Disney International, Anek Trading Pvt Ltd, Lubeez Enterprises, Pawan Enterprise, Lemon Trading, Padilite Traders, Fine Touch Impex, Azure Enterprises, Seabird Enterprises and Iconic Enterprises.

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