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CBI books 51 entities for transferring Rs 1,038 cr black money to Hong Kong

The CBI said the entities remitted money in connivance with unidentified officials of three state owned banks -- Bank of India, SBI and Punjab National Bank

Press Trust of India  |  New Delhi 

CBI
An outside view of CBI headquarters, in New Delhi, Wednesday, Oct 24, 2018. According to the officials, CBI Director Alok Verma and Special Director Rakesh Asthana have been sent on leave amid an ongoing spat between them.

The CBI has booked 51 entities for allegedly remitting Rs 1,038 crore of to Hong Kong during 2014-15, officials said on Monday.

It is alleged that 51 entities, mostly owned by Chennai residents, remitted Rs 1,038 crore unaccounted to Hong Kong in connivance with unidentified officials of three state-owned banks -- Bank of India, SBI and Punjab Bank, they said.

The Central Bureau of Investigation had received information that 51 current accounts of 48 firms were opened in four branches of these banks "solely for effecting outward remittances" to the tune of Rs 1,038.34 crore, the officials said.

The CBI has alleged that 24 accounts were used for outward foreign remittances in USD equivalent to Rs 488.39 crore as advance payment of goods' imported and 27 were used to remit Rs 549.95 crore towards foreign travel of Indian tourists.

The agency has named three individuals -- Mohammed Ibramsa Johney, Zinta Midhar and Nizamuddin, besides 48 companies in the FIR, the officials said.

The CBI has alleged that out of 24 companies, 10 had made imports in small quantities but the goods imported and value of imports did not match with the invoices submitted by the firms to the banks.

"It is further revealed that the accused and others who were involved...were paid commission on the basis of amount transferred and duration for which the bank accounts remained active and that the concerned bank officials were also bribed in cash," the CBI FIR alleged.

The agency also alleged that most of the remittances were made in the second half of 2015 and annual turnover of the firms was shown in lakhs whereas the amounts remitted were in crores, which was "fraudulently and dishonestly" facilitated by the bank officials.

First Published: Mon, January 06 2020. 17:03 IST
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