In a case involving illegal Forex remittances, the Central Bureau of Investigation (CBI) has filed three different cases against the accused, including private individuals and unidentified officials of a multi-state cooperative society.
According to the allegations, between 2014 and 2016 a sizable total amount was allegedly transferred to foreign currency from the accounts of nine entities through eight nationalised banks by submitting fictitious import documents, such as fake bills of entry and bills of lading, without any actual trade taking place.
Allegedly, without any actual trade taking place, Rs 105.27 crore, Rs 42.17 crore, and Rs 8.69 crore were transferred from the accounts of private Mumbai-based companies, costing the Union government foreign exchange. These three banks — Bank of Maharashtra, Canara Bank, and Bank of India — held the company accounts.
Additionally, it was claimed that the current accounts were opened under the names of companies or firms, with namesake individuals serving as owners or directors. It is claimed that huge amounts of cash were discovered from numerous sources and deposited into the bank accounts of the above said firms. Additionally, it was alleged that the bills of entry were later forged and presented to the bank with a higher USD value than the actual import value.
18 locations, including Mumbai and Bhopal, were searched, and as a result, incriminating papers, electronic devices, and cash totaling about Rs. 94.37 lakh were found.
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