All those transactions of a complex or highly structured nature and, specifically, relate to parties or offshore entities should flag an alarm. Sometimes, the financial transactions may be presented in a disguise, and there is an advantage in masking the real financial position of a company. For example, a company might make some complex leasing arrangements, special purpose vehicles, or even off-balance-sheet financing that would disguise liabilities or inflate assets.
After all, not every complicated deal is a scam, but many bizarre or obscure structures will always need closer scrutiny. Where there is unclearness in honest disclosure, the red flags come along with the lack of transparency and clarity.