Rs 6,172 crores foreign exchange was remitted to Hong Kong during 2014-15 from Bank of Baroda's Ashok Vihar branch in New Dehi. CBI and Enforcement Directorate and Serious Fraud Investigation Office (SFIO) are jointly raiding about a dozen individuals in Delhi and several other cities.The money was transferred through 59 newly-opened current accounts in Ashok Vihar branch of the bank as advance remittances for imports. It is not clear whether the money belonged to an entity a group of people who wanted its black money to be sent outside India. internal audit done by Bank of Baroda in September this year found that the forex business of its Ashok Vihar branch shot up to Rs 21,529 crore during 2014-15 - a near 500-times jump compared to Rs 45 crore in 2013-14, prompting the bank to probe the matter.
The money was sent to Hong Kong to buy spices, rice, dry fruits and general cosmetics. The articles ordered never came. The money sent was deposited in the accounts of a few companies only. Normally,bank demands the full address and identification of the recipients of the amount. In case of bigger amounts, they also demand Letter of Credit from the beneficiaries.
But such standard practice was not followed in this case.
The revelation comes at a time when the Narendra Modi government is trying to ensure that black money does not flow abroad and opposition Congress alleges that this "black money", was sent out of the country through a series of bank transaction just two months after the Modi government took charge.
FLASH: Joint raid by CBI & ED on Bank of Baroda regarding Rs.6000 crore black money transfer to Hong Kong.
— ANI (@ANI_news) October 10, 2015
The money was sent to Hong Kong to buy spices, rice, dry fruits and general cosmetics. The articles ordered never came. The money sent was deposited in the accounts of a few companies only. Normally,bank demands the full address and identification of the recipients of the amount. In case of bigger amounts, they also demand Letter of Credit from the beneficiaries.
— Press Release Watch (@PrReleaseWatch) October 10, 2015
But such standard practice was not followed in this case.
The revelation comes at a time when the Narendra Modi government is trying to ensure that black money does not flow abroad and opposition Congress alleges that this "black money", was sent out of the country through a series of bank transaction just two months after the Modi government took charge.
