Institute of Chartered Accountants of India

Money Laundering And Scams ‘THROUGH’ Multi-State Urban Cooperative Credit Societies In India – Cash Deposits

The Credit Co-operative societies have misused various gaps of the system over period of time by tapping various regulations for commercial purposes which has multiplying effect. The flow of money moves without being monitored seamlessly through various unethical channels and the outcome could be illegal or against the interest of the economy including potential terrorist funding. This could disturb the overall economic scenario and may hamper the development of our Nation.

One may think that such scams have already occurred in the past and there would be less or limited relevance in the current economic scenario. However, such Scams are still in continuance, however the modus operandi may be different. It is important to understand the Nitty-gritty of the transactions and what is the modus operandi and how one can unveil the mystery through Data Analytics and Bank statement analysis followed by background searches.

Therefore, the assessments performed by way of Research Case Study will allow Institute to put forward the experience and practical knowledge of researcher which will form basis for improving Governance and expedite Revenue Collection by targeting the “Ultimate Beneficiaries”.

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