Forex transaction case: CBI raids 50 locations in Delhi

| Sunday, October 11, 2015 - 18:35
First Published |

Forex case: CBI raids 50 locations in Delhi

New Delhi: The CBI on Sunday raided 50 locations in Delhi in its ongoing probe in connection with a Bank of Baroda branch transferring over Rs.6,172 crore in foreign exchange to Hong Kong, officials said.
The premier investigation agency conducted the raids at the addresses given by the Bank of Baroda branch in Ashok Vihar area of north Delhi, which transferred the money.
"Most of the addresses given by the firms involved were found to be false. But raids continued at 50 locations in the city," a CBI official said.
However, an official confirmed that the key figures involved have been identified and interrogation of important suspects was underway.
The Central Bureau of Investigation (CBI) along with the Enforcement Directorate on Saturday raided three premises including the Bank of Baroda's Ashok Vihar branch, and residential premises of two bank officials whose roles have reportedly emerged in the case.
Saturday's raid was conducted a day after the Congress hit out at the Narendra Modi government in relation with transactions at the Bank of Baroda branch, saying they were in contravention of rules.
The CBI on Saturday also registered a case against 59 account holders and unknown bank officials and private people in the case.
The case, registered under various sections related to criminal conspiracy, cheating and corruption, was filed as the probe agency raided the Ashok Vihar branch of the bank.
"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.6,000 crore in illegal and irregular manner in violation of established banking norms under the garb of payments towards suspected non-existent imports," a CBI statement said on Saturday.

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How Black money is build up day by day in a account Example:- open an account by "c"in any national bank say "A bank" at "B" branch. Ask others any one except "C" to deposit amount of less than 50 thousand i.e 49999/- from other branch of "A" bank. After few days withdraw it nobody will question. Don't do it in SBI. SBI will ask the KYC of the depositor. In india no bank will ask KYC of depositor. This trick is well known to the Finance ministry, RBI as well as the nationalise bank, but nobody verify the KYC of depositor the reason best known to the higher authority of the banks.

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