CBI Arrests Six People In Rs 6,000 Cr Bank Of Baroda Fraud Case

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The Logical Indian Crew

CBI Arrests Six People In Rs 6,000 Cr Bank Of Baroda Fraud Case

The case dates back to 2015 when the CBI had charged several bank officials for allegedly making payments of more than ₹6,000 crores through 8,000 transactions done between July 2014 - 2015 to South-East Asian countries.

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The Central Bureau of Investigation (CBI) has arrested six persons on Wednesday, October 27, for a ₹6,000-crore foreign exchange remittance scam in the Bank of Baroda.

The agency conducted search operations in 14 locations.

The accused have been identified as Tanuj Gulati, Ish Bhutani, Ujjwal Suri, Hunny Goel, Sahil Wadhwa, and Rakesh Kumar; they are currently being questioned.

Transactions By 59 Account Holders

The case dates back to 2015 when the CBI had charged several bank officials for allegedly making payments of more than ₹6,000 crore through 8,000 transactions done between July 2014 - 2015 to South-East Asian countries.

The amount for each transaction was less than USD 100,000 to avoid automatic detection of transactions. The addresses given by the companies were also forged.

Reportedly, the branch had permission to engage in international trading currencies (Forex transactions) only in 2013, and not after that.

This was done by 59 current account holders from the Ashok Vihar branch of the bank, under the disguise of purported payments of 'non-existent' imports, The Mint reported. The department has identified most of the 59 accused.

"All the remittances were made to Hong Kong. The amount was remitted as advance for import, and in most cases, the beneficiary was the same. Most of the transactions were carried out in newly-opened current accounts, wherein heavy cash receipts were observed. Still, the branch didn't generate the exceptional transaction report (ETR) and monitor the high-value transactions," the media quoted an official as saying.

Following this, a chargesheet was filed in the Court of Special Judge on December 12, 2015, against the bank's AGM and the then forex officer.

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