In a case involving unauthorised forex transfers, the Central Bureau of Investigation (CBI) has filed three different cases against the defendants, who include private citizens and unidentified members of a multi-state cooperative society.
According to the allegations, between 2014 and 2016 a sizable sum 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 transaction taking place, Rs 105.27 crore, Rs 42.17 crore, and Rs 8.69 crore were transferred from the accounts of private Mumbai-based enterprises, costing the Union government foreign exchange. These three banks — Bank of Maharashtra, Canara Bank, and Bank of India — held the corporate accounts.
Additionally, it was claimed that the current accounts were formed in the names of businesses or corporations, with named individuals serving as owners or directors. It is claimed that enormous sums of money were amassed from numerous sources and deposited into the bank accounts of the aforementioned firms. Additionally, it was suspected that the bills of entry were later faked and presented to the bank with a larger 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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