The case of withdrawals of Rs 794 crore in cash by three companies from Union Bank of India during 2004 to 2015 has been reported to the Financial Intelligence Unit, Minister of State for Finance Jayant Sinha said today.
"RBI has informed that there were withdrawals of Rs 794.12 crore in cash by three companies from Union Bank of India from 2004 to 2015 on various dates", Sinha said in a written reply to the Lok Sabha.
"The matter has been reported to Financial Intelligence Unit, Government of India", he said in the House.
In addition, there were some more cash withdrawals by other group accounts, Sinha said.
Reporting of the matter assumes significance as there has been a recent case pertaining to state-owned Bank of Baroda where a case has been registered by the CBI for an alleged illegal remittances worth Rs 6,100 crore to South East Asian countries from the bank's Ashok Vihar branch in New Delhi.
Besides CBI, the Enforcement Directorate is also probing the remittances case.
The huge transaction is believed to be trade-based money laundering as the amount was transferred in the garb of payments for imports that never took place, as per the investigators.
