December 18 2015
Over 350 overseas accounts were used and 6,200 transactions made by money laundering syndicates to route funds to the tune of Rs.3,600 crore through a Bank of Baroda branch to Hong Kong and Dubai. Two bank officials exploited loopholes in the banking software to facilitate the transactions, according the Central Bureau of Investigation.
The CBI came across instances wherein the accused bank officials manipulated office software to help unscrupulous exporters and money launderers transfer funds abroad on the pretext of advance payments for import.