The accused were involved in a case involving illegal Forex remittances from the accounts of nine entities through eight nationalised banks.
Mumbai,UPDATED: Jan 21, 2023 02:23 IST
The CBI registered three separate cases on the matter (Representational photo)
By Divyesh Nair: The Central Bureau of Investigation (CBI) has registered three separate cases against the accused in a case involving illegal Forex remittances including private persons and unknown officials of a multi-state cooperative society.
WHAT IS THE CASE?
It was alleged that during 2014 to 2016, a huge amount was remitted to Forex from the accounts of nine entities through eight nationalised banks by submitting fake import documents such as bills of entry, bills of lading etc., without any actual trade.
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Rs 105.27 crore, Rs 42.17 crore and Rs 8.69 crore were allegedly remitted from the accounts of Mumbai-based private companies without any actual trade, causing loss of foreign exchange to the Union government. The company accounts were with these three banks — Bank of Maharashtra, Canara Bank, Bank of India.
It was also alleged that the current accounts were opened in the names of firms or companies, with namesake persons as proprietors or directors. A huge amount of cash was allegedly collected from various sources and layered into bank accounts of the said firms. It was further alleged that the bills of entry were later forged to show a higher USD value than the actual import value and were submitted to the bank.
Searches were conducted at 18 places, including Mumbai and Bhopal which led to the recovery of cash amounting to approximately Rs. 94.37 lakh and incriminating documents and electronic gadgets.
Further investigation into the case is ongoing.
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