Rs 6000-cr transfer: CBI conducts raids, questions suspects
October 11, 2015  14:44
The CBI today conducted searches at 50 locations and started questioning of some of the suspects in its probe into alleged black money transfer of Rs 6000 crore to Hong Kong through Bank of Baroda camouflaged, as payments for 'non-existent imports'.

CBI sources said most of the 59 account holder companies, which had allegedly sent these remittances in the garb of payments for suspected non-existent imports, have given wrong addresses. They said despite that the agency has identified prime suspects in the case with some of whom being questioned at the CBI headquarters.

"The CBI has registered a case under section 120-B (criminal conspiracy) read with 420 (cheating) of IPC and Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988 against 59 current account holders and unknown bank officials and private persons on a complaint from Bank of Baroda," according to CBI spokesperson here.

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 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".

The Enforcement Directorate has also registered a case and carried out searches in this connection.
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