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Six held in illegal forex transfer case

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  14 Oct 2015 12:00 AM GMT

New Delhi, October 13 : Six people were arrested here on Tuesday in a joint operation by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) in connection with an ongoing probe into a forex case involving Bank of Baroda, ED officials said. The ED arrested four people alleged to be middlemen who facilitated the illegal forex transfer abroad, while the CBI arrested the other two who are bank employees. The case pertains to transfer of over Rs.6,172 crore in foreign exchange through a Bank of Baroda branch to Hong Kong. The money was transferred through 59 bank accounts to companies in Hong Kong and Dubai for fake import and export businesses. Over the past few days, the ED and the CBI conducted joint raids to crack the case. The interrogation of bank officials revealed that some of its employees acted as middlemen for these companies, officials said.(IANS)

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