Central Vigilance Commission has sought a report from the CBI and Bank of Baroda in connection with an on-going probe in alleged fraudulent transactions of Rs 6,100 crore remitted to a counter party in Hong Kong. Central Vigilance Commissioner K V Chowdary told this to PTI. He also said that the Commission has also instituted an inquiry in the matter. Mr. Chowdary said the role of bank officials would be looked into to find out their involvement in the scam. Besides, the Commission is planning to bring in "systematic changes" in banks to check suspicious transactions aimed at moving black money, he said. The Anti-graft watchdog exercises superintendence over the CBI on anti-corruption matters,The Central Bureau of Investigation and EnforcementDirectorate (ED) are probing transactions of Rs 6,100 crore from a Bank of Baroda's Ashok Vihar branch in New Delhi to a counter party in Hong Kong. As per CBI probe so far, the money was transferred through nearly 8,000 transactions done between July 2014 and July 2015 this year. The huge transaction is believed to be trade-based money laundering as the amount was transferred in garb of payments for imports that never took place.
News On AIR | October 22, 2015 8:22 PM
CVC seeks report from CBI and Bank of Baroda in alleged fraudulent transactions to Hong Kong