Rickshaw Pullers Turned Company Directors in Bank of Baroda Scam
Bank of Baroda made company directors out of rickshaw pullers and vegetable sellers, without them realising it.
Bank of Baroda employees were caught for spinning a multi-crore scam in October.
Senior bank officials stumbled upon illegal transfers of a staggering Rs 6,172 crore in foreign exchange made to Hong Kong, in connivance with bank officials.
After the initial probe, major irregularities in the investigation were found. Agencies raided around a dozen individuals in Delhi and several other cities.
According to a report by The Financial Express, a branch of the bank opened 59 current accounts between May 2014 and June 2015. Foreign exchange remittances were worth around Rs 3,500 crore were made through these accounts.
Rasool, 40, a vegetable seller from north Delhi became the director of a company last year – without even knowing it – for a remuneration of Rs 10,000 per month, according to a report by the Times of India.
Like Rasool (name changed), 58 other people, mostly living in slums and working as rickshaw-pullers, street vendors, drivers and household workers were approached by black money hoarders, as per the CBI and Enforcement Directorate (ED) that’s investigating the BoB money laundering scandal.
These ‘directors’ of fake companies were the most crucial cog in the scam.
Six people were arrested in October in connection with this scam.
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.