The alleged Rs 6000 crore forex scam has stirred up a verdienen hornets nest for the geld countrys verdienen banking sector.
Bank of Baroda, hDFC Bank.
During this one year, a total of 5,853 outward foreign remittances aggregating USD 546.10 million (around Rs 3,500 crore) were made through 38 umfragen current accounts to various overseas parties numbering versteuern some 400, mainly based in Hong Kong and one in the UAE.
The CBI and a host of other probe agencies are investigating this case under separate open laws that they enforce in the country."As time is essence in such cases, delayed submission of reports or inaccurate reports is also a violation of law as free much forex as versteuern non-submission the order said.The FIU has levied форекс the maximum penalty of Rs 1 lakh, as stipulated under the Prevention of Money Laundering Act (pmla for each instance of "delayed" filing of Suspicious Transaction Reports (STRs) by the state-owned bank in the case.Remittances were sent to Hong Kong and Dubai via banks, actual exports were sent to Afghanistan.The Financial Intelligence Unit fIU ) forex has slapped beste Rs 9 crore penalty.Coming down heavily on BoB, the order said it had failed to discharge its responsibility as one of the largest public sector banks of the country.The ED had said the four verdienen allegedly connived with usdzar each other in "forming" fake companies and business entities in Hong Kong by "over valuing" the export value and subsequently claiming duty drawbacks.Bank of Baroda for "failing" to adhere to anti-money laundering norms, and not having an effective system to report suspicious transactions linked to the Rs 6,000 crore scam in its Delhi-based branch.The bank is also extending its full cooperation and support to the authorities. Reacting to the forex developments, an bank hdfc Bank statement said: The matter is being examined internally on top priority.
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The other four arrested, include Kamal Kalra, working with the foreign exchange division of galvanik hdfc bank, Chandan Bhatia, Gurucharan Singh Dhawan and Sanjay Aggarwal.
The FIU also rejected the bank's submission that it acted as a scam "whistleblower" in the case and that its effective internal system detected unusual transactions and a spurt in foreign remittances by scam different clients at its Ashok Vihar branch, and this scam was reported to the.The 48-page order, accessed by PTI, has been scam issued on March 27 and the bank has been asked to deposit the fine within 21 days.The list of 14 seized properties in the case include flats and plots in Delhi, Gurgaon and Rajasthan and expensive cars baroda like Mercedes Benz, Elantra and Honda City.While the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) investigate, the money laundering case gets all the more murkier.The investigative agencies have called this case as trade-based money laundering, where accused traders evaded custom scam duties and taxes to generate slush funds.The branch opened 59 scam current accounts from May 2014 to June 2015 through which large foreign exchange remittances were made, the Bank of Baroda said in a regulatory filing.PTI, bank of Baroda was also held guilty by the FIU for failing to file 63 integrally connected cash transactions in seven accounts.In a statement, the agency said the two businessmenManmohan Singh Sehgal and his son Gagandeep charts Singh Sehgal were arrested for violating provisions of Prevention portfolio of Money Laundering Act (pmla) by illegally routing about Rs245 crore from BoB to entities in Hong Kong through shell companies.Garg and Jainish Dubey, who headed the foreign exchange division, under the Prevention of Corruption Act.The BoB forex scam surfaced in October 2015 where an internal investigation showed Rs6,172 crore was sent from India to Hong Kong for import of cashew nuts, pulses and rice, but nothing was imported and the money was deposited in 59 bank accounts of several.Like us on, facebook or follow us on, twitter and.It is also alleged that the amount was deposited in 59 accounts of the banks Ashok Vihar branch (New Delhi) in cash as advance for import and the money was sent to some select companies in Hong Kong.The baroda CBI had also arrested BoB officials.K.Mumbai: The Enforcement Directorate (ED) on Wednesday arrested two Delhi-based businessmen in the Rs6,000 crore Bank of Baroda (BoB) money laundering case.This order can be challenged by the bank before the Appellate Tribunal of the pmla within 45 days.
The Enforcement Directorate had earlier termed this case to be an alleged incident of trade-based money laundering, where accused traders evade custom duties and taxes to generate slush forex funds.
It was alleged that a whopping Rs 6,172 crore black money was remitted from Bank of Baroda to Hong Kong camouflaged as payments for non-existent imports like cashew, pulses and rice.
Bank of Baroda was also held guilty by the FIU for failing to file 63 integrally connected cash transactions in seven accounts.