SARs showed that the Delhi-based steel producer received USD 2.48 million in 2015 and USD 16.8 million in 2016.
Jindal Steel & Power (JSPL) share price was down over 6 percent in the morning session on September 22 following reports that Deutsche Bank Trust Company Americas (DBTCA) filed Suspicious Activity Reports (SARs) on fund transfers by the company for two consecutive years.
The media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCen).
The company, however, said all transactions by the company were part of routine business activities and that all had proper underlying assets, according to a Business Standard report.
SARs showed that the Delhi-based steel producer received USD 2.48 million in 2015 and USD 16.8 million in 2016. During the period, the company sent money to firms based in Mauritius, Germany and the UK and received funds from firms in Dubai and Switzerland.
JSPL sent a total of USD 4.85 million in 2015 and a sum of USD 12.83 million in 2016.The stock was trading at Rs 167.10, down Rs 8.20, or 4.68 percent at 09:38 hours. It has touched an intraday high of Rs 174.20 and an intraday low of Rs 159.70.