The NDA Government’s anti-black money drive has claimed its first scalp. Rs 6,172 crore was transferred out of the country from a nondescript Ashok Vihar branch of the state-owned Bank of Baroda (BoB) in the last one year. The alleged black money, the bank authorities suspect, was laundered to Hong Kong using newly opened 59 current accounts of alleged shell companies masquerading as export-import entities. The bank’s internal report shows that the money was transferred immediately after NDA came to power.
The small North Delhi branch witnessed surge in forex transactions which continued for a year. The bank’s report claimed that forex business increased to Rs 21,528 crore in the financial year 2014-15 as against Rs 44.98 crore in the year 2013-14.
The increase in business was mainly due to the advance remittance for import (IMTT) made by the customers of newly opened current accounts.
Within a year (01.08.2014 to 12.08.2015), 8,667 transactions were conducted by the branch, which alerted its officials who launched the probe. The report available with The Sunday Standard reveals the suspected shell companies transferred money to Hong Kong in violation of forex rules. The Congress has dubbed it as the first black money scandal of the NDA government, demanding a thorough probe into the transactions. Since the BoB probe report was submitted on September 9, 2015, the Congress is also questioning the delay in launching a police investigation. However, within hours of the allegation on Saturday, the CBI and Enforcement Directorate carried out a joint raid to probe into the shell companies and accounts used.
Obscure Operators?
The CBI and ED are probing into 59 bank accounts owned by the suspected companies involved in import business. BoB internal report suggests that most of these accounts were opened together as account appears to be identical.
For example, BoB report has listed 71***/*232 as account number of Vandana Impex and later 71***/*233 is listed as account number of Seagull Traders. Vandana Impex transferred Rs 219 crore while Seagull remitted Rs 121.86 crore in Hong Kong accounts.