A New York-based financial institution flagged transfers to Adani Global PTE, the worldwide wing of Adani Group, from alleged shell corporations in tax-haven Seychelles in its Suspicious Activity Reports (SARs) filed to the US monetary watchdog FinCEN, in line with a report by The Indian Express.
As a part of its collection on FinCEN Files, Indian Express reported on the small print of a number of suspicious wire transfers totaling $14.46 million being acquired by the Adani agency from a shell-like Seychelles entity.
The FinCen recordsdata discuss with over 2,100 suspicious exercise stories (SARs) filed by private and non-private banks earlier than the Financial Crimes Enforcement Network (FinCEN) – a wing of the US Treasury Department.
According to the SARs, a number of “suspicious” transactions had been recorded between the corporate and “shell-like” entities in Seychelles throughout 2005 to 2014 time interval. One of the businesses that SARs flagged was an funding firm known as Thionville Financer Ltd with addresses in Mahe and Victoria, Seychelles.
Records present particulars of a number of wire transfers totaling $14.46 million being acquired by the Adani agency from this Seychelles entity. The transactions with the alleged “shell-like” firm was red-flagged by the Bank of New York Mellon’s (BNYM).
The SARs additionally identified that the high-amount transactions had been carried out in round-dollar quantities.
The Adani Group denied allegations of suspicious transactions. “Our industrial transactions with Thionville Financier Limited is totally reliable and the identical have been absolutely disclosed to the authorities within the respective jurisdiction,” an Adani Group spokesperson advised The Indian Express.