The bank, on its part, has suspended two officials for allegedly being involved in Rs6,172-crore illegal foreign exchange transactions.
The Central Bureau of Investigation continued its raid on the second day in connection of what is not known as Bank of Baroda Forex scandal. According to agency sources, 50 locations belonging to companies which transferred suspected illegal black money to Hong Kong-based accounts were raided by the CBI on Sunday.
However, most of the addresses given by the firms involved turned out to be false. The agency said that key figures involved in the crime have been identified and interrogation of suspects already in custody will result in further raids that would be carried out in the coming week. Both CBI and the Enforcement Directorate have launched full-fledged investigation in the Rs6,172 crore suspected black money transfer to Hong Kong.
"It was alleged 59 current account holders and unknown bank officials conspired to send overseas remittances, mostly to Hong Kong, of foreign exchange worth about Rs6,000 crore in an illegal and irregular manner, in violation of established banking norms, under the garb of payments towards suspected non-existent imports," said a CBI official.
"It was further alleged that the amount remitted in each transaction would be kept at less than 100,000 US dollars. All the remittances were made to Hong Kong. The amount was remitted as advance for import and in most of the cases, the beneficiary was the same. Most of the foreign exchange related transactions were carried out in newly opened current accounts wherein heavy cash receipts were observed but the branch did not generate Exceptional Transaction Report (ETR) and did not monitor the high value transactions," the official added.
The bank, on its part, has suspended two officials for allegedly being involved in Rs6,172-crore illegal foreign exchange transactions. This was after an internal audit by the bank detected the irregularities and informed the finance ministry, after which CBI and ED were approached for probe.
The internal audit by the bank had shown 59 new current accounts were opened in Delhi's Ashok Vihar branch in the name of different companies, following which crores of rupees were deposited into these accounts, sometimes four-five times a day. The companies, whose owners are shown to be different persons, then requested the bank for forex transfers to certain companies in Hong Kong.
The bank, on its part, has suspended two officials for allegedly being involved in Rs6,172-crore illegal foreign exchange transactions. This was after an internal audit by the bank detected the irregularities and informed the finance ministry, after which CBI and ED were approached for probe.
The internal audit by the bank had shown 59 new current accounts were opened in Delhi's Ashok Vihar branch in the name of different companies, following which crores of rupees were deposited into these accounts, sometimes four-five times a day
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