oppn parties Age Old Scam to Transfer Money Abroad

News Snippets

  • Crude prices fall sharply as Saudi Arabia assures normal production in a few weeks. Prices fall by 5.4% to $65.30 per barrel
  • Sensex tumbles 700 points over fears that rising crude prices will deal a body blow to the tottering Indian economy
  • As Rajeev Kumar fails to appear before the CBI despite several notices, the agency forms a special team to locate and apprehend him
  • S Jaishankar says Pakistan is not a normal neighbour and its behaviour is a "set of aberrations"
  • External Affairs Minister S Jaishankar says PoK in Indian territory and the country hopes to have physical jurisdiction over it one day
  • Barasat Sessions court near Kolkata rejects Rajeev Kumar anticipatory bail application citing lack of jurisdiction as the reason
  • PM Modi celebrates his birthday with Narmada aarti and later has lunch with his mother.
  • All 6 Bahujan Samaj Party MLAs merge with the Congress in Rajasthan
  • Bengal CM Mamata Banerjee to meet PM Modi on Wednesday, state issues on the agenda
  • Pakistan to open Kartarpur corridor on Nov 9
  • Rajeev Kumar, ex-police commissioner of Kolkata and wanted for questioning in the Sarada scam does not appear before the CBI despite the state administration requesting him to do so
  • Supreme Court asks the Centre to restore normalcy in J&K but keeping national interest in mind
  • As Trump accepts the invitation to attend a programme in Houston with PM Modi, India rushes to settle trade issues with US
  • After drone attack on Aramco's Suadi Arabia facility, oil prices jump 19% in intra-day trading causing worries for India
  • Imran Khan raises nuclear war bogey again, says if Pakistan loses a conventional war, it might fight till the end with its nuclear arsenal
Sunni Wakf Board and Nirvani Akhara write to the Supreme Court for a negotiated settlement to the Ayodhya dispute
oppn parties
Age Old Scam to Transfer Money Abroad

By Ashwini Agarwal

The CBI raid at Bank of Baroda’s Ashok Vihar branch in Delhi, along with the raids at numerous other unspecified locations across the country, is being given a political colour by the Congress. There has been an alleged Rs 6000 crore foreign exchange scam at this branch. Several accounts were opened to remit money abroad by showing bogus imports. A total of 59 bank accounts were identified through which such money laundering transactions were carried out. The CBI took action after a complaint by Bank of Baroda.

While this is normal criminal enquiry into a financial misdemeanor, spokesmen for the Congress have been quick to say that there are many BJP leaders involved in the scam. The Congress has still not gathered the expertise to be a responsible opposition. Frustrated by a lack of big ticket financial or bribery scams ever since the NDA came to power, the party is bent upon making mountains out of molehills. Sending money abroad as payment for bogus imports is a very old scam and no politician worth his salt is going to fall in this trap. This route is used only by unscrupulous businessmen.

The Customs, Enforcement Directorate and the CBI are aware of this scam and take precautions to prevent it. But there are enough unscrupulous businessmen and corrupt officers in the monitoring agencies to make the scam work. This has become the easiest route to transfer black money abroad. The NDA government is very concerned about bringing back black money stashed abroad. But it will do well if it plugs the avenues for sending further monies. For this, it has to crush the corruption prevalent at grassroots level in all monitoring agencies.