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. Faraz regularly advises multinational corporations and financial institutions on a wide range of cross border issues including regulatory compliance, extradition, and International enforcement proceedings in India.

He has significant expertise in corporate governance, international sanctions, and international fraud related issues and has notably advised one of the United Arab Emirates’ (UAE) largest telecom companies in the 2G Fraud Case, and United States (US) sanctions investigation into a major Asian business.

Prior to joining Cyril Amarchand Mangaldas, Faraz worked in International firms including Freshfields Bruckhaus Deringer (Dubai, Bahrain, and London) and PricewaterhouseCoopers (Frankfurt).

He has elementary proficiency in German and Arabic.

Relevant Experience:

• Advised and assisted an Indian Tobacco company in carrying out internal sanctions investigation and assisting the United States Department of Justice (US DOJ) and the Federal Bureau of Investigation (FBI) alongside US Counsels in an investigation pertaining to transactions carried out in alleged violation of Office of Foreign Asset Control (OFAC) Sanctions targeting North Korea.

• Advised a Swiss corporation and its Indian subsidiary on compliance issues arising out of the Indian Foreign Trade Policy relating to Indian Sanctions, and foreign exchange regulations in respect of conduct of business with Iran.

• Advised a listed Indian reinsurance company and its subsidiaries operating in the European Union (EU), on compliance of sanctions program targeting Russia imposed by the US, the EU, and the UK and assisted in reviewing existing transactional relationships, assess sanctions exposure, and advised on formulating a global sanctions compliance strategy.

• Advised several listed and private corporations in the energy, healthcare, aviation, and technology sectors on sanctions compliance, primarily focusing on Iran and Russian sanctions imposed by the OFAC.

• Advised an India based leading electricals company on sanctions exposure during its transactions with a company which is a subsidiary of a Russian petrochemical company whose shareholders have been sanctioned under the US, EU, Swiss, Polish, UK, Canadian and Japanese sanction regimes.

• Represented a US based real estate company before the High Courts of Rajasthan, Delhi, and Madras in a matter involving theft of intellectual property, infringement of copyright, data theft through intermediaries in India via improper access, misappropriation of proprietary content. Further assisted the company in conducting raids on the defendant’s premises pursuant to Court orders and obtaining injunctive relief.

• Advised a US based private equity firm on Indian sanctions compliance, regulatory requirements for Foreign Portfolio Investors (FPIs) and overseas entities and preparing a draft compliance policy.

• Advised an Indian auto parts manufacturing company on compliance of sanctions program targeting Russia imposed by the US and assisted in reviewing existing transactional relationships and assessing sanctions exposure.

• Advised one of the largest aerospace technology corporations in internal investigation concerning cross-border internal compliance investigation under the Indian law and under legal privilege regarding allegations concerning a tender with a government body alongside UK and UAE Counsels and advised on whistle-blower allegations into employee misconduct and malpractices including misappropriation, conflict of interests, and kickbacks from vendors and manipulation of inventory etc. by its Indian subsidiary.

• 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 and assisted a US based petrochemical company in carrying out internal investigation with into business practices of its Indian subsidiary in relation to potential regulatory and compliance issues under Indian local laws and to check the Indian subsidiary’s internal policies and compliance with the local laws.

• Advised and represented a UAE Private Equity Group in respect of extradition proceedings initiated against senior management in UAE as well as advised in respect of raids by the CBI and the ED, summons, production of documents before the investigative agencies.

• Advised and assisted a US based specialty chemical manufacturing company in carrying out internal investigation pertaining to Environmental Law violations and Environmental, Social, and Governance (ESG) compliance.

• 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 a US based chemical manufacturing corporation in an internal investigation into the employees of its Indian subsidiary for alleged corruption, misconduct and potential irregularities including receipt of kickbacks and misuse of Corporate Social Responsibility (CSR) funds.

• Advised a UK based educational services provider in an internal investigation of its Indian operations concerning allegations of procedural and tax evasion.

• Advised an Indian stock exchange and representing its wholly owned subsidiary, against a foreign stock exchange and its subsidiaries before the Bombay High Court and before an arbitral tribunal in a dispute pertaining to unauthorised use of the stock exchange’s Index Derivative and a consequent violation of the stock exchange subsidiary’s intellectual property.

• Advised a Swedish manufacturing company in compliance review of its Indian operations and whistle-blower complaint into management misconduct.

• Advised and assisted multinational clients and C-suite officials in the context of unannounced inspections/ dawn raids and risk management from international and national regulatory and enforcement authorities.

• 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 Dutch transport corporation into the operations of its Indian entity, and conducted investigation, also advised on regulatory and compliance related issues under Indian laws arising out of management actions and pursuing cross-border legal proceedings.

• Advising and assisting Clients in providing global on-the-ground dawn raid cover, including for multinational, multi-site companies and ensuring preparedness for any investigation.

• 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.

• Advised on takeover of an energy sector company and liabilities of promoters post restructuring under the Insolvency and Bankruptcy Code, in view of pending criminal proceedings against the erstwhile promoters and the company.

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).