51 entities owned by Chennai residents booked by CBI for black money remittance
New Delhi, Jan 07: The Central Bureau of Investigation (CBI) has booked 51 entities for allegedly remitting Rs 1,038 crore of black money to Hong Kong during the years 2014-15.
It is alleged that 51 entities mostly owned by residents of Chennai had remitted the money to Hong Kong in connivance with unidentified officials of three state-owned banks, CBI sources told OneIndia.
The source further added that the agency had received information that 51 current accounts of 48 firms were opened in four branches solely to effect outward remittances to the tune of Rs 1,038 crore. 24 accounts were used for outward foreign remittances in USD equivalent to Rs 488.39 crore as advance payment of goods imported. 27 were used to remit Rs 549.95 crore towards foreign travel of Indian tourists.
Out of the 24 companies, 10 had made imports in small quantities. The goods imported and the value of imports did not match with the invoices submitted by the firms to the banks. The CBI FIR stated that the accused and others who were involved were paid commission on the basis of the amount transferred and duration for which the bank accounts remained active and the officials concerned were also bribed in cash.