New Delhi: The Central Bureau of Investigation (CBI) has arrested six persons in connection with the Rs 6,000- crore foreign exchange remittance scam in the Bank of Baroda, which was detected in 2015, officials said.
The Central Bureau of Investigation also carried out searches at 14 locations in connection with the case, they said. The agency had filed a charge sheet in the Court of Special Judge on December 12, 2015, against then AGM of the Bank of Baroda and then Forex officer of the bank, CBI spokesperson RC Joshi said. The CBI on Wednesday arrested six private individuals --Tanuj Gulati, Ish Bhutani, Ujjwal Suri, Hunney Goel, Sahil Wadhwa and Rakesh Kumar-- as part of its ongoing probe in the case, the officials said.
The Enforcement Directorate (ED) has begun a money-laundering inquiry based on the CBI case. The cash were allegedly transferred under the guise of advance payments for goods that never materialised. They allegedly overpriced the commodities before sending them to conduits in the same country as the eventual buyers. The items were delivered to the final purchasers, and the conduits were paid in full. They did, however, pay additional amounts to Indian exporters based on false invoices that were then used to claim more duty deductions.