The Central Bureau of Investigation (CBI) has booked 51 entities for allegedly remitting Rs 1,038 crore of black money to Hong Kong during 2014-15.
The 51 accused entities, mostly owned by Chennai residents, remitted Rs 1,038 crore unaccounted black money to Hong Kong in connivance with unidentified officials of three public sector banks — Bank of India, SBI and Punjab National Bank, according to an FIR registered by the CBI in Bangalore.
The CBI had received information that 51 current accounts of 48 firms were opened in four branches of these banks “solely for effecting outward remittances” to the tune of Rs 1,038.34 crore, according to the FIR.
The CBI has alleged that 24 accounts were used for outward foreign remittances in USD equivalent to Rs 488.39 crore as advance payment of goods’ imported and 27 were used to remit Rs 549.95 crore towards foreign travel of Indian tourists.
The agency has named three individuals — Mohammed Ibramsa Johny, Zinta Midhar and Nizamuddin, besides 48 companies in the FIR, it said.
The CBI has alleged that out of 24 companies, 10 had made imports in small quantities but the goods imported and value of imports did not match with the invoices submitted by the firms to the banks.
“It is further revealed that the accused and others who were involved...Were paid commission on the basis of amount transferred and duration for which the bank accounts remained active and that the concerned bank officials were also bribed in cash,” it further alleged.
The agency also alleged that most of the remittances were made in the second half of 2015 and annual turnover of the firms was shown in lakhs whereas the amounts remitted were in crores, which was “fraudulently and dishonestly” facilitated by the bank officials.
“It is further revealed that the imports and travels have not taken place and the amounts so credited is fraudulently transferred for the purposes and thereby caused wrongful loss of foreign exchange equivalent to Rs 1038.34 crore to Government of India,” the FIR added.