The masterminds of illegal remittances racket operating through Bank of Baroda(BoB) allegedly made Rs 100 crore in the illegal remittance of Rs 6,000 crore toHong Kong and Dubai through the bank’s Ashok Vihar branch.
According to the CBI investigation, the masterminds were allegedly charging Rs 1.35 for every dollar sent abroad from people who wanted to use their services.
The CBI investigation into over Rs 6,000 crore transfer (about $100 crore) to Hong Kong and Dubai through BoB’s Ashok Vihar Branch has indicated that the master operators were charging this premium by offering their channel to send the money outwards, the agency’s charge sheet alleged.
The CBI its chargesheet says that the money was transferred from India to Hong Kong and Dubai using a proper banking channel by evading the scrutiny of banking software which red flags every transaction above $1 lakh (approximately Rs 66.33 lakh).
Sources said, the agency has mentioned in its chargesheet that masterminds of the racket were allegedly distributing the fee of Rs 1.35 per US dollar among themselves with even the lowest rung of the gang (which were alleged account holders) made Rs 25-40 lakh in the one year period from July 2014-July 2015.
“The lower rung of the gang were given 20-25 paisa per US dollar transferred and during the one-year period, they have made about Rs 25-40 lakh by transferring funds through banking channels,” an official said.
The sources said, similarly the parties in Hong Kong and Dubai to whom the money was allegedly being transferred made over Rs 35-60 lakh in commission from the well-oiled machinery which was being run.
CBI had registered a case against 59 current account holders and unknown bank officials and private persons on a complaint from Bank of Baroda.