New Delhi, Mar. 6 (ANI): The Central Bureau of Investigation has conducted searches at ten locations in the office, residential premises of certain persons at Delhi and other places in an on-going investigation of a case relating to alleged violation of banking norms in overseas remittance of foreign exchange.
It was found during investigation that around 8500 foreign remittances transactions were made from approximately 59 Bank Accounts of various firms, companies against import of goods and software from Hong Kong and Dubai. The investigation revealed further involvement of around 11 private persons.
During searches, cash of approximately Rs.40 lakh, rubber Stamps of about 44 different companies, 15 PAN Cards and various incriminating documents including pen-drives & hard discs connected to the case were recovered.
In addition, foreign currencies of China, US, Europe, UAE, Nigeria, Hong Kong and Sri Lanka were also found during searches. The documents recovered are being scrutinized.
A case was registered by CBI on 9 October last year against 59 current account holders and unknown bank officials and private persons on a complaint from Bank of Baroda.
It was alleged that 59 current account holders and unknown bank officials conspired to send overseas remittances, mostly to Hong Kong, of Foreign Exchange worth approximately Rs.6000/- crore in an illegal & irregular manner in violation of established banking norms under the garb of payments towards suspected non-existent imports.
Searches were conducted at around 53 locations including Bank of Baroda, Ashok Vihar Branch, Delhi; various companies/firms and other accused persons.
It was also alleged that the amount remitted in each transaction would be kept at less than USD 100,000. 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.
During course of investigation, CBI had arrested then Assistant General Manager and another officer (Foreign Exchange), both working in the Bank of Baroda, Ashok Vihar Branch, New Delhi in October last year for their alleged involvement in facilitating the foreign remittances by violating the laid down procedures of Bank of Baroda and thereby facilitating the accused persons in money laundering.
A chargesheet was filed against said two then officers of Bank of Baroda during December 2015.
Further investigation is continuing with reference to the role of other accused persons including bank officials as well as alleged 59 account holders and private persons. (ANI)