Institute of Chartered Accountants of India
Money laundering and scams “THROUGH” Multi-State Urban Cooperative Credit Societies, Angadia’s & Banks in India/Abroad – Gems & Jewellery Industry
Research Committee of Institute of Chartered Accountants of India (ICAI) through this Research Case study want to draw emphasis on how the Gems and Jewellery Segment set up their structures and operate in such a way that the cash is flown through Multi state credit cooperative societies and Angadia’s in to the sophisticated channels and used for doing businesses and how the funding is generated by using Banks and facilities provided by Banks for doing businesses Globally.
Therefore, the objective of research is to study and understand the methodology followed by the Fraudster while misusing the Society and its members in executing the transactions for unethical and Illegal / wrongful purposes and who should be ultimately punished / Taxed / Penalized / Prosecuted?
