How Rs 6,000 Crore Was Illegally Sent to Hong Kong: CBI’s New Charge Sheet
The Central Bureau of Investigation has filed two additional notices of indictment in connection with the alleged illegal transfer of Rs 6,000 crore from the Bank of Baroda branch in Delhi to Hong Kong, disguised as payment for imports, said sources.
In indictments filed in a special CBI court, the central agency alleged that a group of people opened accounts and deposited funds through various accounts.
The CBI named nine defendants in the additional indictments: Tanuj Gulati, Ish Kumar, Ujjwal Suri, Hunney Goel, Sahil Wadhwa, Rakesh Kumar, Sagar Gulati, Bhanu Gulati and VPC Management Consultants Pvt Ltd.
The agency indicted in 2015 several bank officials and others for allegedly making remittances of more than Rs 6,000 crore to countries in Southeast Asia by 59 current account holders in the Ashok Vihar branch of the Bank of Baroda under the guise of alleged payments for “non-” exist “imports, the sources said.
The agency found that the Ashok Vihar branch of the bank is relatively new and was only granted permission to conduct foreign exchange transactions in 2013, they said, adding that Rs 6,000 crore had been released. transferred via nearly 8,000 transactions made between July 2014 and July 2015..
The amount returned in each transaction was kept below $ 100,000.
“All remittances were made to Hong Kong. The amount was given as an advance on import and in most cases the recipient was the same,” an official said after filing an FIR .
“Most of the currency related transactions were done on the newly opened current accounts where significant cash inflows were observed, but the branch did not generate an Exceptional Transaction Report (ETR) and did not monitor high-value transactions, ”one official said. official had said.
The sources said these remittances were sent by dividing them into amounts less than $ 100,000 to avoid automatic detection by the software used by banks to alert them to these transactions.
They said in tax parlance that the technique is known as “smurfing” and that holders were able to avoid scrutiny of such transactions.
“It was revealed that most of the addresses provided by the companies / businesses were either bogus or the companies / businesses did not exist at said addresses. Most of the accused persons allegedly involved in the commission of said crime have been identified and their the interrogation is in progress, “said the official.