ED, CBI search Bank of Baroda branches for `6100 cr suspected black money transfer

In a joint operation, the Central Bureau of Investigation and Enforcement Directorate on Saturday conducted raids at a North Delhi branch of the Bank of Baroda dealing with forex in connection with “cash” deposits of Rs 6,172 crore which were later “sent to Hong Kong”.

The raids came a day after the Congress hit out at the Narendra Modi government in relation to the transactions at the Bank of Baroda branch, saying they were in contravention of rules.

Sources say the investigation agencies are raiding about a dozen individuals in Delhi and several other cities as an initial probe has unearthed major irregularities. The revenue intelligence department of finance ministry was tracking the scandal after an internal audit report of Bank of Baroda noticed unusual business in the bank.

The money was transferred by some 59 companies through newly-opened current accounts in Ashok Vihar branch of the bank. The bank’s internal audit <g data-gr-id="26">done</g> in September this year found that the forex business of its Ashok Vihar branch shot up to Rs 21,529 crore during 2014-15 — a near 500-times jump compared to Rs 45 crore in 2013-14. Between August 1, 2014, and August 12 this year, there were 8,667 forex transactions from the branch, prompting the bank to probe the matter.

Congress spokesperson RPN Singh had on Friday said that “black money” amounting to Rs 6,172 crore had been sent out of the country to get commodities such as pulses, rice and cashew-nuts but it was n<g data-gr-id="22">ot enquired</g> if the commodities were received or not.