Bank of Baroda forex scam: CBI raids 50 more locations

The Central Bureau of Investigation (CBI) on Sunday raided 50 more locations in connection with Bank of Baroda's north Delhi branch's alleged foreign exchange act violation worth over Rs 6,000 crores.

According to sources, key figures involved in the crime have been identified and the suspects are being interrogated. Most addresses given by firms involved in the case were found to be false.

The CBI on Saturday registered a case against 59 account holders and unknown bank officials and private people as it conducted raids at a Delhi branch of Bank of Baroda dealing with forex in connection with cash deposits of Rs 6,172 crore. The transfer of the money was made to Hong Kong, as per preliminary investigations between August 1, 2014 and August 12, 2015.

It is being alleged that there were 8,667 forex transactions from the Ashok Vihar branch of the bank, prompting a probe.

Two bank officials - assistant general manager SK Garg and officer foreign exchange-Delhi Jainish Dubey - have been named in the case.

The Congress Party had on Saturday questioned Prime Minister Narendra Modi's commitment on the black money issue, asking him why no FIR had been filed against Bank of Baroda officials illegally transferring a whopping Rs 6,172 crores in foreign exchange.

(With inputs from IANS)