Finance Ministry puts out list of high-risk fund organizations

New Delhi, Feb 26 Financial Intelligence Unit (FIU) on Monday released a list of around 9,500 Non-Banking Financial Companies (NBFCs), which have been arranged as high-chance money related foundations by the Finance Ministry.

According to the Prevention of Money Laundering Act (PMLA), all NBFCs nhave to appoint a principal officer in the financial institutions and report all suspicious and money transactions of more than ten lakh rupees to the FIU.

In any case, these organizations have been found not following these guidelines as on January 31,2018.

The FIU released the list on its site showing the names of NBFCs which have been found non-compliant to the PMLA rules.

ADANI CAPITAL PRIVATE LIMITED, Anand Corporate Holdings Pvt. Ltd., Arihant Udyog Ltd., Asian Financial Services Ltd., AVON MONEY SOLUTION INDIA LIMITED, Bindal Finvest., Bombay Gas Co Ltd., CELLO CAPITAL PRIVATE LIMITED, Dlf Finvest Limited, Eros Merchants (P) Ltd, and Indigo Fincap Pvt Ltd are few of the organizations recorded by FIU.

After demonetisation in 2016, NBFCs and a few other rural and urban helpful banks had gone under the scanner of the Income Tax Department and the Enforcement Directorate (ED) for illegally converting banned currency notes.