oppn parties Age Old Scam to Transfer Money Abroad

News Snippets

  • Former Pakistani cricketer Shoaib Akhtar proposes an Indo-Pak ODI series to raise funds for fighting coronavirus
  • Maharashtra government says many Tablighi Jamaat members who attended the Markaz and returned have gone into hiding
  • West Bengal government identifies hotspots in Kolkata and the rest of the state, inclined to extend the lockdown in those places only
  • Prime Minister Modi holds a video conference with floor leaders of opposition parties, hints at extending the lockdown
  • UP seals hotspots and makes masks mandatory
  • Masks made compulsory in Mumbai, violators will be arrested
  • ICMR says an infected person can infect 406 people in 30 days without social distancing and lockdown
  • Stock markets make a smart recovery. Sensex up by record 2476 points on global cues
  • Schools, colleges and shopping malls likely to remain closed for a further period of one month, says empowered group of ministers
  • PM Modi tells BJP workers that India is in for a long battle against the coronavirus and there is no scope to feel tired or defeated
  • PM Modi asks ministers to focus on exports and new areas and sectors
  • PM Modi asks ministers to prepare business continuity plan post the lifting of the lockdown
  • Corona cases in India cross 4000 and the death toll stands at 124
  • The government decides to double the testing of corona suspects from 10000 now to 20000 in the next three days
  • Flipkart assures employees that there will be no job or salary cuts due to the COVID-19 pandemic
COVID-19: 773 new cases and 32 deaths in the last 24 hours, reports the health ministry
oppn parties
Age Old Scam to Transfer Money Abroad

By Ashwini Agarwal
First publised on 2015-10-12 07:12:16

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.