What is the alleged black money case?
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They further added that besides the fact that their one employee is being alleged in such monetary scam but the bank assures that their customers and other stakeholders will certainly not get affected by tis and the bank would make sure that no such incidents happen in future.
The remittance was for import of dry fruits, rice and pulses but allegedly there were no actual imports.
An advisory continues to be sent by the ministry to any or all public sector unit banks to strengthen their vigilance and internal mechanisms in order to avoid any possible laundering action, sources said.
The bank has admitted that the branch did not adhere to FEMA (Foreign Exchange Management Act) guidelines. CBI found that an estimated Rs 6,000 crore was transferred through almost 8,000 transactions between July 2014 and July 2015.
As many as six persons including two officials of Bank of Baroda – S K Garg and Jainish Dubey – have been arrested in this case for criminal conspiracy, cheating and provisions of the Prevention of Corruption Act. After the arrest of the HDFC Bank employee, the probe in the case is set to widen and is said to be only the tip of the iceberg.
The finance ministry wants CBI to expeditiously complete the probe in the alleged funds transfer case of Bank of Baroda so that the offenders could be brought to the book and the exact amount in the fraud is known. The agency arrested Kamal Kalra, working with the foreign exchange division of a private bank, Chandan Bhatia, Gurucharan Singh Dhawan and Sanjay Aggarwal after their sustained interrogation at its office here.
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HDFC Bank, whose one employee has been arrested in the alleged Bank of Baroda Rs 6,000-crore illegal remittances case, today said it is examining the matter internally and cooperating with investigation authorities. Ranjan Dhawan, who was the MD & CEO-in-charge after Mundra, had retired on September 30.
