According to recent news, the Indian Enforcement Directorate has made arrests & seized assets worth over Rs 118 crore under Prevention of Money Launder Act (#pmla ). The investigation uncovered an illegal forex trading in which the public was deceived into investing in fraudulent companies which used layering of funds and then funds transferred to shell companies with dummy directors/proprietors. Later, these funds were utilized to purchase various assets, both movable and immovable, worth over Rs 118 crore. Effiya's artificial intelligence and machine learning based financial crime compliance solution will help in fraud detection by analyzing transactions in real time and in batch for suspicious activity pattern and alert compliance team for immediate investigation. www.effiya.com #compliance #aml #antimoneylaundering #frauddetection #sanctionscreening #transactionscreening
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News:118 cr illegal forex fraud

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