CBI arrests six in Financial institution of Baroda fraud case

0
30
Ads

The Central Bureau of Investigation (CBI) has arrested six accused individuals in reference to a financial institution fraud involving alleged abroad remittances of international change to the tune of ₹6,000 crore to Hong Kong and Dubai.

Ads

Based mostly on the CBI case, the Enforcement Directorate (ED) has additionally launched a cash laundering investigation. It was alleged that the funds had been transferred on the pretext of advance funds for imports that by no means fructified.

As alleged, they overvalued the products and despatched them to the conduits working in the identical nation as that of finish consumers. The products had been handed on to the tip consumers, for which the conduits acquired real funds. Nevertheless, they paid additional quantities to the Indian exporters primarily based on inflated invoices, which had been used to assert extra responsibility drawbacks.

The association led to a deficit of funds on the conduit’s half. Due to this fact, to beat the shortfall, the differential was pushed into the banking system by means of small undetectable deposits in numerous accounts. The entire quantity was then routed to the present accounts opened within the identify of shell corporations and transferred to the middlemen abroad.

The shell corporations, which used identification papers of slum dwellers, drivers and road distributors to open the accounts, had been shut down inside months to evade detection.

Ads

LEAVE A REPLY

Please enter your comment!
Please enter your name here