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Black Money Trail: CBI raids 50 locations in 6000 cr transfer to HongKong via Bank of Baroda

New Delhi: The Central Bureau of Investigation on Sunday conducted searches at locations and started questioning of some of the suspects in its probe into alleged black money transfer of Rs 6000 crore to Hong
PTI October 11, 2015 14:35 IST
PTI

New Delhi: The Central Bureau of Investigation on Sunday conducted searches at 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 here.

"The Central Bureau of Investigation 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 crores 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.

On Saturday, Congress had demanded an inquiry into the matter.

"It was strange that the money was sent to buy cashew, pulses and rice from Hong Kong," Congress spokesperson RPN Singh had said.