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RBI deputy: looking into suspected Bank of Baroda money laundering case
October 15, 2015 / 1:30 PM / 2 years ago

RBI deputy: looking into suspected Bank of Baroda money laundering case

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

A pedestrian walks past a Bank of Baroda advertisement in Mumbai January 30, 2015. REUTERS/Shailesh Andrade/Files

The comments come as Central Bureau of Investigation (CBI) 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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