Box 7
Case Study
Purchase Art with Illicit Proceeds and Use Art of No Value to Pay Kickbacks
Mr. A was managing director and CEO of an Indian bank who misused his position during his tenure. He sanctioned loans of the rupee equivalent of USD 628 million ..
#ConArtScam
Case Study
Purchase Art with Illicit Proceeds and Use Art of No Value to Pay Kickbacks
Mr. A was managing director and CEO of an Indian bank who misused his position during his tenure. He sanctioned loans of the rupee equivalent of USD 628 million ..
#ConArtScam
to business entities incurring losses or with negative credit, deliberately violating existing norms and regulations.
A money laundering investigation revealed that Mr. A used his influence
to sanction the loan to a loss incurring entity,
#ConArtScam
A money laundering investigation revealed that Mr. A used his influence
to sanction the loan to a loss incurring entity,
#ConArtScam
Company B. Investigations
further revealed that Company B diverted the loan to 79 shell companies including Company C, which was controlled and owned by Mr. A and his daughters.
#ConArtScam
further revealed that Company B diverted the loan to 79 shell companies including Company C, which was controlled and owned by Mr. A and his daughters.
#ConArtScam
Company C received USD 79 million and used part of the
funds to purchase assets including art from famous painters and
influential people. Mr. A invested a significant amount of proceeds in
buying art of famous artists. Investigations revealed ...
#ConArtScam
funds to purchase assets including art from famous painters and
influential people. Mr. A invested a significant amount of proceeds in
buying art of famous artists. Investigations revealed ...
#ConArtScam
that he had purchased around 44 paintings.
Mr. A had received awards and accolades from several organisations in
inappropriate ways. Investigation revealed that, in order to pay
kickbacks for receiving awards,
#ConArtScam
Mr. A had received awards and accolades from several organisations in
inappropriate ways. Investigation revealed that, in order to pay
kickbacks for receiving awards,
#ConArtScam
Mr. A purchased mediocre art from
politicians and in turn paid huge kickbacks through banking channels,
projecting them as genuine pieces of art.
#ConArtScam
politicians and in turn paid huge kickbacks through banking channels,
projecting them as genuine pieces of art.
#ConArtScam
In one such incident, Mr. A
purchased a piece of art from the close relative of a member of the ruling
political party at that time for USD 264 000. However, the investigation revealed that this was an over-valuation, and
#ConArtScam
purchased a piece of art from the close relative of a member of the ruling
political party at that time for USD 264 000. However, the investigation revealed that this was an over-valuation, and
#ConArtScam
that that the price paid was
not for art, but rather was a bribe to influence the awarding of the
prestigious Indian award ‘Padma Bhushan’ for himself.
The trial is ongoing and Mr. A has been in judicial custody since March
2020.
Source: India
#ConArtScam
not for art, but rather was a bribe to influence the awarding of the
prestigious Indian award ‘Padma Bhushan’ for himself.
The trial is ongoing and Mr. A has been in judicial custody since March
2020.
Source: India
#ConArtScam
Can you identify all the actors in the #ConArtScam ?
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Full FATF Report can be downloaded from here
fatf-gafi.org/en/publication…
Reply in comments ...
Full FATF Report can be downloaded from here
fatf-gafi.org/en/publication…
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