• Thursday, Oct 01, 2020
  • Last Update : 06:13 pm

India raids Chinese entities for money laundering

  • Published at 12:26 pm August 12th, 2020
Banned app
Smartphone with Chinese applications is seen in front of a displayed Indian flag and a "Banned app"sign in this illustration picture taken July 2, 2020. REUTERS

Since their border clash in June, Indian Prime Minister Narendra Modi’s government has taken steps such as banning some Chinese mobile-phone apps, and tightening the requirements for Chinese investment and participation in government tenders

Indian tax authorities raided the premises of a few Chinese entities and their associates for money laundering, according to an official statement late on Tuesday, adding to New Delhi’s growing discomfort with Beijing after a border clash in June.

Since the clash, Prime Minister Narendra Modi’s government has taken steps such as banning some Chinese mobile-phone apps, and tightening the requirements for Chinese investment and participation in government tenders.

The statement provided no details on the timing of the raids or on the kind of ‘entities’ mentioned.

Chinese individuals, their allies and a couple of bank employees were involved in money laundering through a series of shell companies, the statement said.

“Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than 10 billion rupees ($134.03 million) over the period,” the statement said.


Also read: India bans 47 more Chinese mobile apps


During the raid, the authorities found evidence of transactions involving Hong Kong and US dollars.

The statement said one of the subsidiaries of a Chinese company and its related concerns had taken more than 1 billion Indian rupees ($13.4 million) in bogus advances from shell entities, purportedly to open “retail showrooms” in India.

The statement did not mention the names of the companies or Chinese individuals involved in money laundering and “hawala” money transactions, which allow customers to rapidly move large sums of money across borders without the scrutiny of regulators.

“Further investigations are under progress,” it added.

50
50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail