New Delhi: The Central Bureau of Investigation (CBI) has registered a case in opposition to 48 firms, three people and a few unidentified officers of three public sector banks for transferring Rs 1,038 crore black cash to Hong Kong in 2014-15, officers mentioned on Monday.
The people — recognized as Mohammad Ibramsa Johny, Zinta Midhar and Nizamuddin — and the 48 firms named by the CBI in its FIR filed on January three mentions their deal with in Chennai.
Within the FIR, CBI mentioned that these companies have been “fictitious” and knowledgeable that they confirmed outward overseas remittances on the pretext of import of products and overseas journey by Indian vacationers whereas there was no such enterprise.
As per the CBI, the financial institution officers have been paid bribes in money for helping within the fraud. The probe company received inputs about 51 present accounts of the 48 companies which have been opened in 4 branches of Financial institution of India, Punjab Nationwide Financial institution and State Financial institution of Mysore (now SBI).
The FIR mentions that these accounts have been used for outward overseas remittances of Rs 1,038.34 crore.
“Out of these 51 accounts, 24 were used for outward foreign remittances in American dollars equivalent to over Rs 488 crore towards the advance payment of import of goods. Twenty-seven accounts were used for outward foreign remittances in dollars equivalent to over Rs 549 crore towards foreign travel by Indian tourists,” the FIR acknowledged.
As per the CBI, the accused individuals and firms submitted voter IDs, PAN playing cards, driving licences, certificates of registration of varieties, certificates of import-export code of 35 companies issued by the Directorate Common of International Commerce (DGFT), Chennai, rental agreements for the aim of fulfilling KYC norms in numerous mixtures whereas sending advance remittances for import of products.
The probe company mentioned that of the 24 companies, solely 10 made imports in small portions. It was additionally revealed that the products imported and worth of imports didn’t match with the main points and invoices submitted by the companies to banks involved and that the worth of such imports was very much less in comparison with the worth of invoices submitted by the agency on the time of remitting the funds for imports overseas, the CBI mentioned.
Explaining the position of financial institution officers, the CBI mentioned they have been paid “commissiona on the basis of amount transferred and duration for which the bank accounts remained active”.
As per the FIR, it’s obvious that the financial institution officers have been having dominion and management with regard to overseas alternate and so they needed to comply with the mandate issued by the Reserve Financial institution of India with utmost sincerity and due care.
Many of the remittances have been remitted throughout the second half of 2015, the FIR mentioned, including that it was seen that the annual turnover of the companies have been proven in lakhs, whereas the quantities remitted have been in crores, which have been fraudulently and dishonestly facilitated by the financial institution officers.