SFIO probes 11 cos in Rs 6,000-cr BoB forex scam

Published by Metro India News on December 09, 2015 00:27:24 AM

SFIO has launched probe against 11 companies, including an entity named Dabang Marketing and Trading, for alleged involvement in the estimated  Rs 6,000 crore suspicious forex transactions at a Bank of Baroda (BoB) branch. CBI and Enforcement Directorate 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 through newly opened accounts, to the tune of about  Rs 6,000 crore.

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.

Section 212 of the Companies Act pertains to investigation by SFIO. Apart from Dabang Marketing, other 10 entities being probed include Msquare Prudent Multitrade, Laksh Rubber India, Sun Air Solutions, Peacock Overseas and Acoustic Trading India.