December 31 2015
Agriculture Ministry, market regulator Sebi and other investigating agencies are probing 7-8 credit cooperatives societies for alleged money laundering while tighter norms are in the works to check such activities.
The ministry is discussing with Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), Serious Fraud Investigation Office (SFIO) and Sebi officials to come up with tighter rules to prevent companies or their promoters from floating cooperatives just to transfer funds, a senior Agriculture Ministry official said.
“Sebi, SFIO, ED and CBI are investigating 7-8 organisations after we received complaints that they have floated cooperatives for fund diversion,” the official said.