Rs 6,172 Cr Forex Scam: ED and CBI raid Bank of Baroda Branch

The CBI and ED jointly conducted raids at various places in New Delhi, including the Ashok Vihar branch of Bank of Baroda in connection with Rs 6,172 crore forex scam, which was exposed by ABP News in a sting operation.

It came to light that some newly-opened bank accounts at BoB’s Ashok Vihar branch, made illegal transfers of a whopping Rs 6,172 crores to Hong Kong in foreign exchange.

The bank was alerted when the the forex business of its branch rose to Rs 21,529 crore during 2014-15 – an increase of over 500 times as compared to the business in 2013-14, which stood at just Rs 45 crore. The illegal transfers took place during August 1 and August 12, 2015. In total, 8,667 forex transactions were reported from the single branch.