An image showing a crowd gathered outside a Bank Of Baroda branch in the United Arab Emirates is going viral. The image is going viral with the claim that customers of a branch of the bank are closing their accounts after the bank noted that it would continue lending to the Adani group.
On January 24, the US-based short seller Hindenburg Research released a 100-page report alleging Adani Group of accounting fraud, stock manipulation, and money laundering. The report had sent Adani group stocks plummeting, losing over $100 billion in value.
In February, Sanjay Chadha, CEO and MD of Bank of Baroda, reportedly said that the state-backed lender is willing to lend additional money to the Adani Group amid the row with the Hindenburg Research.
Claim:
The viral image shows people queuing up outside a Bank of Baroda branch. The location is not readily apparent from the image. The image is viral with the claim, “Bank of Baroda – Al Ain Branch, UAE
Massive crowds queueing up outside Bank of Baroda …. No not to withdraw or deposit money … To close their account with BoB after the Adani scam and the statement by its chief that BoB will still fund Adani Cos….”
Another user posted the same image with the claim, “Crowds queueing up at Bank of Baroda Al Ain Branch, UAE to close their accounts, after the statement by its CEO, that BoB will still fund Adani companies, after the exposé of Adani’s fraud. There are real consequences to electing criminals to Parliament….”
The image is viral with similar claims.
Fact Check:
We first attempted to geolocate the Bank of Baroda branch visible in the photo, conducted a keyword search for the Al Ain Branch, and came across the bank’s location on Google Maps. The Bank of Baroda branch is next to VIP Xeroxing and Stationery store.
The location of the Bank of Baroda, Al Ain Branch, seen in the Google Maps image, matches up with the viral image.
We then conducted a keyword search across Facebook to check whether the queue outside the Bank of Baroda branch is related to the Adani Hindenburg issue. We came across a reply from a Facebook user named Riz Quresi, who noted that the bank was closing its branch in Al Ain and moving to another location in Abu Dhabi.
In the image, a statement by the Bank of Baroda is attached, which reads, “Effective 22.03.2023 our Al Ain Branch in Abu Dhabi Emirate, UAE will close its operations. As an alternative arrangement, for continuity of services, w.e.f 22.03.2023 all accounts currently maintained at Al Ain Branch will be transferred to our Abu Dhabi branch which is adequately equipped to extend services in an effective manner.”
The bank goes on to add that in case customers want to close and withdraw their deposit or settle their liabilities, they are required to do so before March 22, 2023, without any charges or penalty. “Effective from 22.03.2023 onwards, customers willing to continue their patronage with the Bank need to contact our Abu Dhabi Branch to avail banking services,” the note by the bank reads.
We also came across a report by MoneyControl published on February 27, 2023. The report notes that the Bank of Baroda, in an official statement on February 26, 2023, clarified that the bank had taken a commercial decision to close its Al Ain branch in UAE with effect from March 22, 2023, following approval from the Central Bank of UAE.
The MoneyControl report also added that the bank appealed to the public not to believe in ‘misleading and false information’ being spread on social media.
We came across the statement the Bank of Baroda issued on its Twitter handle published on February 26, 2023. The bank notes in the statement that a commercial decision to close the bank’s Al Ain branch in UAE has received approval from the Central Bank of UAE. As per the customer notice dated January 20, 2023, the Al Ain branch in UAE is being closed effective March 22, 2023.
The statement adds, “To ensure smooth continuation of services, all accounts currently maintained at the Al Ain branch are being transferred to the Bank’s Abu Dhabi branch in UAE. Those customers who wish to close their account/s may do so before 22.03.2023 without incurring any charges or penalties.”
The Bank of Baroda also adds, “Please do not believe in misleading and false information being spread on social media.”
Conclusion:
We found that the viral image does not show a queue outside a Bank of Baroda branch to close accounts in light of the Adani-Hindenburg issue. The queue was likely due to the Al Ain branch being transferred to the Bank’s Abu Dhabi branch in UAE.
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Fact Check
2023-03-02 11:00:50.0
No, This Viral Image Of People Queuing Up Outside Bank Of Baroda Is Not Related To The Adani-Hindenburg Row
