6000 crore fraud unearthed in Bank of Baroda
Law enforcement sleuths which comprised of Enforcement Directorate(ED) and Central Bureau of Investigation (CBI) in a joint operation conducted on Bank of Baroda's Ashok Vihar branch located in Delhi combed a whopping Rs 6,172 crore in foreign exchange to Hong Kong.
What is more surprising is after an internal audit report of Bank of Baroda which was under the scanner of the revenue intelligence wing of the finance ministry revealed major inconsistency as Forex transactions were done mainly remittances for import through newly-opened current accounts alongside with heavy cash transactions were also noticed – sometimes four to five times a day.
A major blow back for the Narendra Modi government who is trying harder to make sure that black money is rooted out and does not flow abroad. The Congress party has questioned the "black money" issue and why complaint had not been filed against bank officials who are allegedly hand in glove in this case.
On the other hand top officials from the Bank of Baroda has refused to divulged further details into the matter terming it as an internal investigation.