Rickshaw Pullers made Director to launder BLACK MONEY through “Bank of Baroda”

Startling facts in the money laundering scam in Bank of Baroda to the tune of Rs  6,172 crore, which was busted by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), are coming out as the investigation progresses. 

The hoarders have roped in people living in slum areas and doing petty businesses and even rickshaw-pullers to act as directors of fake companies only to be used for transferring huge amounts of money to foreign countries. The launderers paid them Rs 10,000 to 15,000 per month and opened accounts in Bank of Baroda in the name of the fake companies. 

The modus operandi of these black money operators was to approach people and take their Voter ID card. With the help of their Voter ID details, they take PAN cards for them and open the bank account in Bank of Baroda and in Hong Kong. They did the same process for 59 fake companies. 

Few businessmen with the help of Bank of Baroda Ashok Vihar branch Assistant General Manager SK Garg and Head of Foreign Exchange Division Jainish Dubey operated the black money transfer in May, 2015. 

Once the accounts were open, the transfer of money through the fake companies belonging to either exporters or importers would take place. To do big transactions, they overvalued the goods.

Enforcement Directorate in its release said that, "For such overvaluation, such exporters require foreign exchange in the foreign country equivalent to overvaluation. While importing the goods, the importers undervalued the imports to save the custom duty, they require availability of foreign exchange in the foreign country to pay the differences."

Source: Sakshipost

Date: 23/11/2015

Time: 16:24 GMT