Forex scam: SFIO investigates 11 companies in alleged BoB scam

CBI and ED have already registered cases on the basis of complaint filed by BoB regarding irregularities in outward foreign remittances from its Ashok Vihar Branch in New Delhi.

By: Express News Service | New Delhi | Published: December 9, 2015 1:49 am

The alleged Bank of Baroda forex scam is also under the scrutiny of Serious Fraud Investigation Office (SFIO) which is probing 11 companies connected to the case, government said on Tuesday.

Some of these companies include Dabang Marketing and Trading, Msquare Prudent Multitrade, Laksh Rubber India, Sun Air Solutions, Peacock Overseas and Acoustic Trading India.

The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) have already registered cases on the basis of complaint filed by Bank of Baroda (BoB) regarding irregularities in outward foreign remittances to the tune of Rs 6,000 crore from its Ashok Vihar Branch in New Delhi through newly opened accounts.

Besides, a forensic probe has been ordered into alleged irregularities by the Department of Financial Services.

“Based on preliminary scrutiny, the Ministry has ordered investigation under Section 212(1)(c) of the Companies Act, 2013 into the affairs of 11 companies which are allegedly involved in suspicious foreign exchange transactions,” Corporate Affairs Minister Arun Jaitley said in a written reply to the Rajya Sabha on Tuesday.

He was responding to a query on whether the Serious Fraud Investigation Office has started probing companies in connection with the BoB case.

Section 212 of the Companies Act pertains to investigation by the Serious Fraud Investigation Office .

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