Government red flags over 250 suspicious banking transactions

April 29, 2013 10:29

The Finance Ministry has reportedly red-flagged over 250 suspicious banking transactions, most of them related to multi-level marketing schemes.

It has alerted the relevant agencies and state governments after 272 dubious transactions were sent to the Central Economic Intelligence Bureau by Financial Intelligence Unit India, an agency tasked with analysing and disseminating information relating to suspect financial transactions.

Major investigating arms such as the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Income Tax Department and Enforcement Directorate have already initiated action against scam-ridden Saradha Group under various laws, including the Prevention of Money Laundering Act.

The Kolkata-based group is facing multi-agency probe for illegal raising of deposits from investors across West Bengal and some parts of North East India.

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