Bank fraud: CBI files chargesheet in Rs 6000 crore illegal overseas remittance case

Express News Service

NEW DELHI: The Central Bureau of Investigation (CBI) has filed two supplementary chargesheets conducting further investigation into a bank fraud under which illegal overseas remittance of about Rs 6000 crore was allegedly made.

The central agency filed the chargesheets against the accused eight persons and a private company in a CBI court in New Delhi.

Sharing details, CBI spokesperson RC Joshi said that the agency had registered the case on October 9 in 2015 following a complaint from Bank of Baroda against the accused including 59 current account holders and other unknown public servants and private persons.

“It was alleged that on the accused had acted in illegal foreign overseas remittances of approximately Rs. 6000 crore ,wherein foreign remittance were made in an illegal and highly irregular manner in gross violation of the established norms and regulations,” Joshi said.  

The agency’s team during investigation had arrested then-AGM and then-forex Officer, both from Ashok Vihar branch of Bank of Baroda. Thereafter, a chargesheet was filed against the accused on  December 12 in 2015.

To investigate the role of other accused and the suspects in this financial scam, further investigation of the case was continued by the CBI.

“During further investigation, it was found that these accounts were allegedly  opened and being operated by a group of persons. They deposited funds in these accounts through RTGS and Cash routed through various accounts through multiple layering and finally remitted the same to overseas accounts as purported advance payments against import of goods and services, whereas no actual imports were made,” an official statement of CBI stated.

As such, six accused were arrested on October 27 after conducting searches at 14 premises associated with the said accused, which led to recovery of certain incriminating documents.