FinCEN Files: Before bankruptcy and probe, Bhushan Steel hit US radar for flows from Latvia, Dubai

The FinCEN Files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies which, they say, moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011.

MULTIPLE TRANSFERS from a bank in Latvia and two electronics firms in the UAE and a series of circular transactions with a Dubai company are among the financial transactions linked to Bhushan Steel Ltd red-flagged by foreign banks to the US Financial Crimes Enforcement Network (FinCEN), according to records investigated by The Indian Express.

These transactions, totalling…