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Cloud services, brokerage, financial services entities raided under India's AML laws

( December 4, 2022, 22:02 GMT | Official Statement) -- MLex Summary: Premises of Securekloud Technologies Limited have been searched in a money-laundering investigation by India's financial crime-fighting watchdog, according to the country's financial-crime investigator. Securekloud Technologies, a cloud-services company, is alleged to have inflated its books and diverted funds to unrelated business activities, the Directorate of Enforcement said in a statement on Friday. The premises of share-brokerage and financial-services companies Pro Fin Capital Services Limited, Quantum Global Securities Limited, Unity Global Financial Services and Desert River Capital were also searched. The investigation revealed that the directors and beneficial owners of these companies had transferred shares through off-market transactions and subsequently sold them, generating what the statement described as proceeds of crime.The Directorate of Enforcement's press release follows:...

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