oppn parties Age Old Scam to Transfer Money Abroad

News Snippets

  • S Jaishankar, Minister of External Affairs, says Pakistan should release and repatriate Kulbhushan Jadhav immediately
  • Karnataka Governor Vajubhai Vala asks the Speaker to hold the trust vote latest by 1.30 pm today
  • The Government sends a list of 24 questions to mobile app company that runs video app TikTok seeking answers for anti-national and obscene content carried on the platform
  • Sarvana Bhawan founder P Rajagopal, serving a life term for murder, dies in a Chennai hospital
  • SC allows time till July 31 to the Ayodhya mediation panel
  • IT department attaches "benami" plot worth Rs 400cr in Noida. The plot allegedly belongs to BSP leader [email protected]@@s brother and his wife
  • Dawood [email protected]@@s nephew, Md. Rizwan Iqbal, was arrested from Mumbai airport as he was waiting to board a flight to Dubai
  • Trouble brews in Bihar JD(U)-BJP alliance as Bihar police asks special branch officers to keep tabs on RSS activities
  • Trust vote in Karnataka assembly today. With rebel MLAs deciding to stay away after the SC order, the Congress-JD(S) government is likely to fall as it does not have the numbers
  • Amit Shah says the government will identify and deport illegal immigrants from all parts of the country
  • Reports from Pakistan confirm that Hafiz Saeed has been arrested and sent to jail
  • After the SC order, Karnataka Speaker says he will go by the Constitution in deciding on the resignations of the 16 MLAs
  • Rebel MLAs say they will not attend the trust vote on Thursday
  • Supreme Court rules that rebel MLAs cannot be forced to attend the assembly and vote in the floor test
  • Both the Centre and the Assam government have sought re-verification of up to 20% of draft NRC data
International Court of Justice agrees with India, stays Kulbhushan Jadhav's execution. It asks Pakistan to allow consular access to the accused.
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.