Faraz Alam Sagar

Practice Areas

Faraz Alam Sagar

Partner

(Co-Head – White Collar & Investigations)

Faraz is the Co-Head of the White Collar & Investigations Practice and Partner in the Disputes Practice of the firm specialising in cross-border litigation, investigations, white-collar crimes, corporate and forensic investigations, and international sanctions and sanctions advisory. Faraz regularly advises and assists multinational corporations and financial institutions on a wide range of cross border issues including regulatory compliance, internal compliance, anti-bribery diligence and International enforcement proceedings in India.

Prior to joining Cyril Amarchand Mangaldas, Faraz worked in International firms including Freshfields Bruckhaus Deringer (Dubai, Bahrain, and London) and PricewaterhouseCoopers (Frankfurt) and has advised clients on range of cross border financial crimes issues.

Relevant Experience:

• Provided crucial strategic guidance to a leading US listed company, with Spanish manufacturing operations in a potential Customs Law violation matter involving their nutraceutical exports to India. The importer based in India was suspected by Directorate of Revenue Intelligence of misclassification of Harmonized System Code on the nutraceutical products of the client, which resulted in reduced import duties, thereby violating the Customs Act, 1962.

• Represented one of India’s leading information and communication technologies distribution company in what is referred to as India’s largest ongoing investigation being conducted by the Directorate of Enforcement (ED) against E-commerce businesses for potential violation of Press Note 2 (2018 Series) read with Foreign Exchange Management Act, 1999.

• Assisted an Indian public listed company that was one of the first Indian companies to be sanctioned by the United States Office of Foreign Asset Control (OFAC) along with assistance for making the requisite license applications and filing the delisting petition with OFAC.

• Represented an international bank in carrying out a sensitive internal investigation following whistleblower allegations against the CSR head, involving claims of Corporate Social Responsibility (CSR) fund misappropriation and process manipulation to favor certain suppliers. Led a multifaceted investigation encompassing comprehensive review of the bank’s Corporate Social Responsibility policy framework, assessment of legal implications under Indian corporate law, reporting obligations to Reserve Bank of India, and detailed scrutiny of the monitoring partner’s role in alleged process violations.

• Advised a publicly listed company and its subsidiaries with operations in the UAE on transactions blocked by the U.S. Office of Foreign Assets Control (OFAC) for potential U.S. sanctions violations. Conducted an internal investigation and analysed transaction documents and contracts to identify potential exposure under sanctions laws. Provided strategic guidance on structuring future business transactions in compliance with U.S. and Indian laws.

• Advised and represented an investment bank in a criminal prosecution before the Special Company Court in the Serious Fraud Investigation Office (SFIO) investigations and trial in a case of a multi-crore corporate fraud and corruption.

• Advised corporations and senior executives on dawn raid management and compliance vis-à-vis ongoing criminal investigation by Central Bureau of Investigation (CBI), Income Tax Department (IT), and Enforcement Directorate (ED).

• Advised a multinational US bank on compliance of RBI reporting requirements for charitable trusts under the applicable FATF Guidelines, Foreign Contribution (Regulation) Act (FCRA), and PMLA Reporting Regulations.

• Advised an Indian business conglomerate on investigation process under the Prevention of Money Laundering Act, Customs Act by Directorate of Revenue Intelligence on potential investigation and searches by enforcement authorities, compliance, dawn raids and risk management, and declarations under the trade control regulations.

Professional Memberships

• Permanent Member, Bombay Bar Association

• Member of the Expert Committee on Law: Review, Reforms & Rationalisation at the IMC Chamber of Commerce and Industry

Publications

• PMLA Second Amendment Rules, 2023: Plugging The Loophole- Faraz Alam Sagar Dispute Resolution Blog |Cyril Amarchand (cyrilamarchandblogs.com) September 20, 2023

• Anti-Money Laundering Laws and Regulations India 2023, International Comparative Legal Guide – Global Legal Group, June 2023 (available at: Anti Money Laundering Laws and Regulations Report 2023 India (iclg.com));

• Analysing the Russia/Ukraine Sanctions & their Impact on Indian Businesses – Part 2- Analysing the Russia/Ukraine Sanctions & their Impact on Indian Businesses - Part 2 | India Corporate Law (cyrilamarchandblogs.com) March 14, 2022

• Analysing the Russia/Ukraine Sanctions & their Impact on Indian Businesses – Part 1- Analysing the Russia/Ukraine Sanctions & their Impact on Indian Businesses – Part 1 | India Corporate Law (cyrilamarchandblogs.com) March 10, 2022

• Anti-Money Laundering Report 2022 (India), International Comparative Legal Guide – Global Legal Group, May 2022 (available at: https://iclg.com/practice-areas/anti-money-laundering-laws-and-regulations/india);

• Corporate Defamation: A Perspective on Analyst Reports- Corporate Defamation: A Perspective on Analyst Reports | India Corporate Law (cyrilamarchandblogs.com) July 5, 2021

• Legal Privilege and Covid-19 – Part II- Legal Privilege and Covid-19 – Part II | India Corporate Law (cyrilamarchandblogs.com) June 21, 2021

• Legal Privilege and Covid-19 – Part I- Legal Privilege and Covid-19 - Part I | India Corporate Law (cyrilamarchandblogs.com) June 18, 2021

• Into the Web: AML Risks of Virtual Assets? – Part II- Into the Web: AML Risks of Virtual Assets? – Part II | India Corporate Law (cyrilamarchandblogs.com) June 17, 2021

• Into the Web: AML Risks of Virtual Assets? – Part I- Into the Web: AML Risks of Virtual Assets? - Part I | India Corporate Law (cyrilamarchandblogs.com) June 15, 2021

• Invoking Arbitration Agreements in Unstamped Documents – Course Correction from the Garware Wall Ropes’ Judgment- Invoking Arbitration Agreements in Unstamped Documents – Course Correction from the Garware Wall Ropes’ Judgment | India Corporate Law (cyrilamarchandblogs.com) February 16, 2021

• Internal Investigation during Covid-19 and Understanding Cross Border Legal Assistance (August 2020, Doing Justice in a Post-Covid World) (available at: https://www.cyrilshroff.com/wp-content/uploads/2020/10/Doing-Justice-in-Post-COVID-World.pdf );

• ADR Institutions in India by Cyril Shroff, Shaneen Parikh, Faraz Sagar, Pragati Sharma, and Trisha Mukherjee (Shearman & Sterling, Paris), December 2019 [available at: https://www.cpradr.org/news-publications/store/corporate-counsel-manual-for-cross-border-dispute-resolution-india-supplement/_res/id=Attachments/index=0/Corporate%20Counsel%20-%20India%20-%20order%20Form.pdf]; and

• Anti-suit Injunctions: Analysis of Legal Position (Vol. VIII, IV, October 2019, Case in Point) (available at: https://www.cyrilshroff.com/wp-content/uploads/2020/10/Case-in-Point-Newsletter_October-2019.pdf).

Education

Awards