NEW DELHI: The CBI has registered a case against 19 companies which have sent over Rs 424 crore in foreign remittances through about 700 transactions, suspecting it to be a case of money laundering through shell companies.
It is alleged that during the year 2015, unidentified officials of Punjab National Bank (PNB), Mint Street branch, Chennai, entered into a criminal conspiracy with 19 accused companies which were account holders in the branch.
“…In furtherance of the conspiracy, the above said companies were sending foreign exchange to Hong Kong without any genuine business transactions,” the FIR, registered last evening, alleged.
It said the accounts thus opened were used for the purpose of sending advance foreign remittances.
“The modus operandi was that the customers got remittances from various other banks to their accounts by way of RTGS (real time gross settlement). The customer presented their request with a quotation issued by foreign suppliers for 100 per cent advance remittances,” it said.
The customer made request for remittance to foreign supplier based on the quotation, it alleged.
“The remittance amount was kept in such a way that it would not exceed the threshold limit of USD 1 lakh for each remittance in order to circumvent the regulatory requirements and applicability of the RBI,” it said. (AGENCIES)
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