BoB remittances scam: CBI raids 10 locations in NCR

08 March 2016

The Central Bureau of Investigation carried out searches at 10 locations in the Delhi National Capital Region (NCR) in connection with a case of alleged illegal remittances to the tune of Rs6,000 crore to Hong Kong and Dubai from a branch of the Bank of Baroda.

A CBI spokesperson said on Sunday that searches were carried out at the offices and residences of suspects in the case.

"It was found during the investigation that around 8,500 foreign remittance transactions were made from around 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/entities (companies), " she said.

The official said that about Rs40 lakh in cash, rubber stamps of around 44 different companies, 15 PAN cards and various documents were recovered during the searches, along with pen drives and hard drives.

"In addition, foreign currencies of China, the US, Europe, the UAE, Nigeria, Hong Kong and Sri Lanka were also found. The documents are being scrutinised," she said.

The CBI had registered a case 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 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," she said.

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