CBI Registers 3 Cases in Connection with Illegal Forex Remittance; Recovers Rs.94 lakhs in Raids

The Central Bureau of Investigation(CBI) has registered 03 separate cases against the accused including private persons; unknown officials of multi-state Cooperative Societies and unknown public servants.

During 2014-2016, a large amount was allegedly transmitted in FOREX, abroad, from the accounts of 09 businesses via 08 Nationalized Banks, by submitting fraudulent import documents such as bills of entry, bills of lading, and so on, without any actual commerce. Banks were questioned about several aspects of trade-based money laundering (TBML).

It was also stated that in the TBML cases involving the Bank of Maharashtra, Mumbai, Canara Bank (e-Syndicate Bank), Mumbai, and Bank of India, Mumbai, facts emerged from the accused’s acts of commission and omission that there was disclosure of a cognizable offence committed by them. A total of Rs.105.27 crore, Rs.41.17 crore, and Rs.8.69 crore were reportedly remitted from the accounts of private companies (all situated in Mumbai) maintained with the said 03 Banks without any actual transaction, leading the Government of India to lose foreign exchange.

It was also claimed that the current accounts were formed in the names of firms/companies, with the named individuals serving as Proprietors/Directors. Huge sums of money were purportedly collected from various sources and deposited into the stated firms’ bank accounts. It was also claimed that the Bills of Entry were later faked and submitted to the bank with a larger USD value than the actual import value.

Searches were carried out at 18 locations, including Mumbai and Bhopal, and resulted in the recovery of Rs. 94.37 lakh (approx.) in cash as well as incriminating documents, technological gadgets, and other items.

The investigation is still ongoing.