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India cenbank deputy: looking into suspected Bank of Baroda money laundering case
October 15, 2015 / 1:25 PM / 2 years ago

India cenbank deputy: looking into suspected Bank of Baroda money laundering case

AIZAWL, India, Oct 15 (Reuters) - India’s central bank is also looking into a case of suspected money laundering by a branch of state-run lender Bank of Baroda, Reserve Bank of India Deputy Governor S.S. Mundra said on Thursday.

The comments come as India’s Central Bureau of Investigation and the Directorate of Enforcement, which is responsible for fighting financial crime, are probing whether there was illegal transfers of money outside the country using the Bank of Baroda branch.

Bank of Baroda has suspended two employees at the branch involved in the case, and has said as far as it was aware any loss would be insignificant as a result of the case.

“As far as Bank of Baroda matter is concerned, right now investigations are going on (that a) couple of agencies are working on,” said Mundra.

“This being the case, we are also looking into the matter from our side.”

Mundra and Rajan were addressing a news briefing after the conclusion of the RBI board meeting in the northeastern state of Mizoram. (Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam)

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