The trade-related money laundering scam, involving the Bank of Baroda (BoB) and many other banks, has turned out to be larger than initially estimated and it resulted in a revenue loss to the government through higher outgo on duty drawback and evasion of customs duty.
Investigative agencies have found that close to Rs 1,200 crore worth of overseas transfers were made through HDFC Bank’s Ashok Vihar branch in addition to the Rs 6,000-crore advanced import remittances made from Bank of Baroda accounts.