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CBI raids Delhi bank from where ` 6,000 crore flew to Hong Kong.

in New Delhi THE CBI carried out searches at three locations in Delhi in connection with alleged ` 6,000 crore remittances sent from Bank of Baroda ( BOB) to Hong Kong camouflaged as payments for nonexistent imports.

The agency searched Ashok Vihar branch of the bank besides the residences of bank officials SK Garg, AGM and Jainish Dubey, Officer, Foreign Exchange.

" The unusual remittances were spotted in the audit report of the bank," a CBI source said.

The Central Bureau of Investigation ( CBI) has registered a case under Section 120- B ( criminal conspiracy) read with 420 ( cheating) of the IPC and Section 13( 2) r/ w 13( 1)( d) of Prevention of account holders and unknown bank officials and private persons on a complaint from Bank of Baroda," CBI spokesperson Devpreet Singh said.

The FIR alleged that 59 current account holders and unknown bank officials conspired to send overseas remittances, mostly to Hong Kong, of Foreign Exchange worth approximately ` 6,000 crores in illegal and irregular manner in violation of established banking norms under the garb of payments towards suspected non- existent imports.

The Enforcement Directorate ( ED) has also registered a case and carried out On Friday, the Congress had demanded an inquiry into the matter. " It was strange that the money was sent to buy cashew, pulses and rice from Hong Kong," Congress spokesperson RPN Singh had said. " Three of the companies are not traceable on the addresses mentioned by them," the Congress spokesperson added.

Claiming that based on the inquiry report submitted by the bank, the government was aware of the scam for the past two months, he wondered as to why no FIR was filed in the case so far. He said such a scam could not have been carried out without the complicity of top officials in the banking network and the finance ministry. " One is forced to wonder as to how a government bank did not adhere to the very basic due diligence as regards deposits, transfers and withdrawals by any entity in any bank," he alleged.

Residences of senior bank officials also raided

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Publication:Mail Today (New Delhi, India)
Date:Oct 11, 2015
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