Bank stocks took a beating on Monday as the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) flagged as “potentially suspicious” 406 transactions involving almost all major Indian lenders .
The data, obtained by the International Consortium of Investigative Journalism (ICIJ) from the Suspicious Activity Reports (SARs) filed by American banks between 2005 and 2017 reveal that almost all major Indian banks — public, private and foreign — were flagged for these transactions. These could relate to activities such as money laundering, terrorism and drugs.
In all, it has listed 26 Indian lenders including State Bank of India, Punjab National Bank, Union Bank, ICICI Bank, HDFC Bank, Axis Bank, Standard Chartered (India) and Deutsche Bank. They were involved in transferring a total of $406,278,962 out of the country and receiving $482,181,226 into the country.
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