The FinCen files refer to over 2,100 suspicious activity reports filed by public and private banks before the Financial Crimes Enforcement Network.
A New York-based bank flagged transfers to Adani Global PTE, the global wing of Adani Group, from alleged shell companies in tax-haven Seychelles in its Suspicious Activity Reports (SARs) filed to the US financial watchdog FinCEN, according to a report by The Indian Express.
As part of its series on FinCEN Files, Indian Express reported on the details of several suspicious wire transfers totaling $14.46 million being received by the Adani firm from a shell-like Seychelles entity.
The FinCen files refer to over 2,100 suspicious activity reports (SARs) filed by public and private banks before the Financial Crimes Enforcement Network (FinCEN) - a wing of the US Treasury Department.
According to the SARs, several "suspicious" transactions were recorded between the company and "shell-like" entities in Seychelles during 2005 to 2014 time period. One of the companies that SARs flagged was an investment company called Thionville Financer Ltd with addresses in Mahe and Victoria, Seychelles.
Records show details of several wire transfers totaling $14.46 million being received by the Adani firm from this Seychelles entity. The transactions with the alleged "shell-like" company was red-flagged by the Bank of New York Mellon's (BNYM).
The SARs also pointed out that the high-amount transactions were carried out in round-dollar amounts.
The Adani Group denied allegations of suspicious transactions. "Our commercial transactions with Thionville Financier Limited is completely legitimate and the same have been fully disclosed to the authorities in the respective jurisdiction," an Adani Group spokesperson told The Indian Express.
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