Standard Chartered fined ₹100 crore for violating forex norms
Live MintThe Enforcement Directorate, India’s anti-money laundering agency, fined Standard Chartered Plc $13.6 million for breaking foreign exchange rules when it worked on the takeover of a local bank, marking one of the country’s biggest penalties imposed on an overseas lender. An eight-year probe found that Standard Chartered violated the Foreign Exchange Management Act—which monitors offshore financial transactions —when it worked with a group of investors to buy a stake in Tamilnad Mercantile Bank Ltd. in 2007, according to an August order from ED that was seen by Bloomberg. “Senior officials at Standard Chartered saw an investment in TMB shares as an opportunity that might ripen into an eventually larger ownership for the bank,” Sushil Kumar, the enforcement agency’s special director, said in the order. Standard Chartered—India’s largest foreign bank by branches—has been operating in the country for more than 160 years and has about 100 outlets.
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