The masterminds of illegal remittances racket operating through Bank of Baroda

The masterminds of illegal remittances racket operating through Bank of Baroda

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Recently Bank Of Baroda made headlines with the CBI investigation allegation of around 6,000 Crore transfer done to Hong Kong & Dubai. It was found that the masterminds through Ashok Vihar branch were charging Rs 1.35 for every dollar send abroad from customers using their service under the name of premium charges for offering their channel to send money outwards to Dubai & Hong Kong.

This article is more on the banking domain where yet another Money Laundering activity is in highlight and this time again it’s through a public bank Bank of Baroda.

When CBI charged its filesheet and investigated the whole scenario they found out that the funds transfer was done inspite of the banking software was envaded where it alerts red signal when such transactions are carried at bank indicating suspicious transactions.

Sources said the agency has mentioned in its chargesheet that masterminds of the racket were allegedly distributing the fee of Rs 1.35 per dollar among themselves with even the lowest transaction person of the gang (which were alleged account holders) made Rs 25-40 lakh in one year period from July 2014-July 2015.

“The lower member of the gang was given 20-25 paisa per 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.

Bank officials involved in such Money Laundering activities is not new for our nation but the question is while such activity are open it clearly indicates the flaws in the banking system where the guards themselves are turning out to be thieves.

This is also a clear indication that High officials at banks are well aware of such Money Laundering activities yet turn deaf ears to such cases only to keep their banks in business.  Cases like this will only impact overall financial growth of our nation only.

While this scam will be forgotten, its time the banks whether its public or private need to learn the lesson from such situations that this fire of greed will burn the whole economy. Our overall attitude towards this kind of act will only make us a nation full of debt one day.

We are a developing nation and we need to learn our lessons from the developed ones where one such example was shut down of one of the worlds oldest bank filing bankruptcy which was in business for more than 100 years and leading half the globe in a big financial crisis.

RBI norms are laid for the banks but do we have financial experts who also believe in making this nation a powerful Economical nation and lead others with their examples or collapse under its own corrupted system.

We are one of the most regulated financial nations and with little integrity towards our duties we can definitely get the acche din in the Banking domain where we will be the most transparent Financial Leaders in the globe.

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