registered a case of criminal conspiracy, cheating and corruption against unknown officials of BoB and 59 private companies, which allegedly opened accounts in BoB. The scandal is a source of embarrassment for. Rates"d are in Rupees for one unit of Foreign Currency except for JPY which is"d for 100 units. Meanwhile, local newspaper DNA reported that a South Korean citizen residing in Mexico City may also be linked to the case. Read More One of India PM Modi's biggest achievements, in a chart Several arrests have already been made, including the assistant general manager and a foreign exchange officer at the Ashok Vihar branch, the CBI said last week. Bank of Baroda and the CBI. The rates for foreign exchange were fudged by bank officials to justify the transfers and to make them look like genuine transfers, said sources. "At a time when New Delhi is going after black money, this will help clean up the system." The case has already sparked calls for the Indian central bank to impose stricter rules on banks, including reporting cases involving multiple transactions from a single account. Except the food imports didn't exist and the transfers were in violations of India's Foreign Exchange Management Act. Bank of Baroda said it first detected irregularities at the Ashok Vihar branch in July and then requested an internal investigation, which only began on September.
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Bank of Baroda has stated that it doesn't anticipate any significant financial losses from the case. Neeraj Chauhan, in the, bank of, baroda, forex scandal, the Central Bureau of Investigation on Sunday is conducting raids at 50 locations belonging to companies which transferred suspected illegal black money to Hong Kong-based accounts. Then, crores of cash was deposited into these accounts, sometimes four-five times a day. RBI had directed banks to ensure that as part of transaction monitoring mechanism, they have an appropriate software application to throw alerts when the transactions are inconsistent with the risk categorization and profile of customers. Both, cBI and ED, carried out raids at three places, including BoBs. Ashok Vihar branch and premises of two of its officials arg (AGM Delhi) and Jainish Dubey (officer-foreign exchange) - and collected documents related to all the companies which opened current accounts and made illegal transfers in the garb of imports. It had asked banks to ensure that a robust software to capture such transactions. Both CBI and ED will question. The Central Bureau of Investigation (CBI India's main investigating police agency, reckons that 59 account holders at the Ashok Vihar branch and an unknown number of bank officials allegedly conspired to funnel money to 417 partners in Hong Kong and one in the United Arab. In that period, around 576 million was transferred out of India, the bank added, which is much lower than the CBI's estimated 922 million.