Bank of Baroda scam: The alleged Rs 6000 crore forex scam has stirred up a hornet's nest for the country's banking sector. Home >industry >Bank of Baroda forex scam: RBI tells all banks to conduct internal audit A file photo of the Bank of Baroda building at Sansad Marg in New Delhi. Also read: Bank of Baroda scam: DRI tells FIU to red-flag multiple forex transactions. As per a report in the Times of India, vegetable sellers, rikshaw pullers and even domestic maids were approached to become proxy company directors in the money transfer case. Bank of Baroda, India’s second largest state-owned lender is embroiled in a Rs. 6000 crores foreign exchange (FOREX) scam. Though, the racket was first unearthed at the Ashok Vihar branch of Bank of Baroda, it has turned out to be a much bigger sc... Bank of Baroda forex scam: RBI finds irregularities in banks' transactions. PTI Last Updated: Feb 15, 2016, 04:42 PM IST. Share. Font Size. Abc Small. Abc Medium. Abc Large. Save. Print . Comment. Synopsis. The observation came as part of inspection done by the central bank after last year's Bank of Baroda case in which Rs 6,100-crore import remittances were effected by its Ashok Vihar branch ... The alleged Bank of Baroda forex scam is also under the scrutiny of Serious Fraud Investigation Office (SFIO) which is probing 11 companies connected to the case, government said on Tuesday. Some of these companies include Dabang Marketing and Trading, Msquare Prudent Multitrade, Laksh Rubber India, Sun Air Solutions, Peacock Overseas and Acoustic Trading India. The Central Bureau of ... Read more about 5 things to know about the Bank of Baroda forex scam on Business Standard. Bank of Baroda forex scam: 6 arrested, over Rs 6000 cr illegal remittances. The investigation is soon likely to reveal more banks and companies. Expanding the scope of its investigations into the over Rs 6,000-crore alleged forex scam by Bank of Baroda (BoB), the Enforcement Directorate (ED) on Thursday brought eight more banks under its probe. The suspected banks include Oriental Bank of Commerce (OBC), Axis Bank, ICICI Bank, Kotak Mahindra Bank, ING Vysya (now merged with Kotak), Yes Bank, DCB Bank and Dhanlaxmi Bank. Employees of ... The Bank of Baroda forex scam surfaced in October 2015 where an internal investigation showed Rs6,172 crore was sent from India to Hong Kong for import of cashew nuts, pulses and rice, but nothing ... Bank of Baroda Forex scam: CBI conducts raids, questions suspects. CBI raided Bank of Baroda branches, offices, and started questioning some of the suspects in its probe into alleged black money transfer of Rs 6000 crore to Hong Kong. Share: Updated: Oct 11, 2015, 22:54 PM IST. Source: PTI. New Delhi: CBI teams Sunday swooped down at 50 locations in Delhi in connection with its probe into ...
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Now the investiagtion into the Forex scam shows a shows a similar technique. This involves forged documents, fictious companies and raising false import and export invoices to transfer foreign ... CBI carries out searches at a Bank Of Baroda branch to probe money laundering charges. CBI searches in connection with alleged Rs.6,000 cr black money transfer. Here are some excerpts from the ... Bank of Baroda's Delhi branch in Ashok vihar was raided by CBI, ED and SFIO upon illegal transfers of Rs 6,172 crores in foreign exchange made to Hong Kong. Zee News, which is the flagship channel ... A major fraud involving Rs 6,172 crore of foreign exchange transfers made to Hong Kong through newly-opened accounts in Bank of Baroda's Ashok Vihar branch here has been detected. Revealing the ... Regarding black money, CBI's raid on Bank of Baroda continues today as well. CBI raided fifty different places today. Rickshaw Pullers and Hawkers are Made Directors by companies on transferring black money to their accounts Bank Of Baroda Scam. Subscribe to Times Of India... The Rs 6,100 crore Bank of Baroda money laundering scam is only getting murkier. CNBC-TV18 learns from sources that several more banks may be involved in the forex scam than the nine already named.