Presented by Sri Rajesh Goyal
at allbankingsolutions.com
Comments by AllBankingSolutions.com :
We give below a letter sent by Mr S Ramachandran, former General Manager at Bank of Baroda. The letter is an eye opener as it gives certain facts which indicate that there is a strong case for not only 100 DA neutralisation, but also updation of pension with immediate effect. We are uploading the full letter as sent by him to Shri Hasmukh Adhi Ssecretary, Departmental of Financial Services. We hope UFBU and IBA will go through the same and take appropriate action for updation of pension. Our readers (including UFBU leaders_ too can go through the facts and if they find any discrepancy, they should point out the same so that the matter can be discussed in a transparent manner rather than keeping the same under wraps and creating mystery about the actual facts.
Readers should also add more points which they are aware so that retired bankers case is strong and GoI can be taken head on by the retired bankers as they have been suffering for years. We feel all the retired bankers will share this article with all their retired colleagues so that more and more retired bankers knows the facts
From:
S. Ramachandran No. A8, Kunal Icon, Building
Former General Manager, Bank of Baroda, Flat No. 104, Pimple Saudagar,
Former Chairman & CEO, The Sangli Bank Ltd. Aundh Camp, Pune – 411027,
(Now merged with ICICI Bank Ltd) Tel: 020 27201012.
Former Administrator, Madhavapura Mercantile E-mail id: ramans1938@gmail.com
Co-Op Bank Ltd ( Ahmedabad )
Former Director General, Maratha Chamber of
Commerce & Agriculture, Pune.
BY SPEED POST
Date : 6th Nov, 2014
To:
1. Shri Hasmukh Adhia,
Secretary, Departmental of Financial Services,
Ministry of Finance, Jeevan Deep Building,
3rd Floor, 10, Parliament Street,
New Delhi -100001.
DEAR SIR,
RE- ILLEGAL ARBITRARY DENIAL OF
(1) 100%DANEUTRALIZATION TO SENIOR CITIZENS WHO RETIRED FROM THE BANKS SERVICE PRIOR TO NOVEMBER2002
(2) DENIAL O0F FAMILY PENSION AS PAID TO GOVT AND RBI EMPLOYEES
(3) DENIAL OF PENSION UPDATION FROM TIME TO TIME AS GIVEN TO GOVT AND RBI EMPLOYEES WHICH IS VIOLATIVE OF ARTICLE 14 AND 16 OF THE CONSTITUTION OF INDIA
In continuation of my letter dated 18th june,2014 addressed to Shri Gurdial singh Sandhu on the above subject which has been received by his office on 20-6-2014 and regret to inform you that I am yet to hear from his office in the above matter though more than four months have passed.
You are aware that HON’BLE Prime minister Shri Narendra Modiafter taking charge have instructed all the departments to dispose off the public grievances without any delay. Further I understand that his office has forwarded my above letter to Chairman and Managing Director , Bank of BARODA UNDER YOUR OFFICE LETTER DATED 8-7-2014 BEARING NO DIARY NO/DATE 28112 , with a request to take appropriate action at the earliest under intimation to your office.
However I regret to inform you that I have not received any communication from the CMD OF BANK BARODA WHICH CLEARLY SPEAKS OF THE INEFFICIENCY AND THE IMPORTANCE THEY ATTACH TO YOUR DIRECTIONS.
IN THE LIGHT OF THE ABOVE YOU SHOULD TAKE STERN ACTION AGAINST BANK OF BARODA FOR TOTALLY IGNORING YOUR DIRECTIONS YOUR MINISTRY ALSO TAKE STERN ACTION AGAINST THE MANAGEMENT COMMITTEE OF IBA FOR THEIR FRADULENT AND ILLEGAL AND ARBITRARY DECISION TO DENY THE LEGIMATE DEMAND OF THE RETIREES UNDER THE PENSION SETTLEMENT OF 1993.
In view of the above I now send you the undernoted additional facts/information to enable you to take immediate action.
1. Existing Pension Scheme in PSU Banks.
In pursuant to a Settlement between Bank Employees’ Representatives and Bank Managements’ represented by Indian Banks’ Association ( shortly called as ‘IBA’), on 29.10.1993, Bank Employees Pension Regulations 1995, was framed in exercise of powers conferred under clause (f) of sub-section (2) of Section 19 of Banking Companies (Acquisition and Transfer of Undertaking)Act, 1970. The respective Boards of Directors of the PSU banks have adopted the framed Regulations in their Boards, after consultation with the Reserve Bank of India and with the previous sanction of the Central Government, and by notification in the official gazette of Government of India, on 29.09.1995, Bank Employees’ Regulations, 1995, came in to force of Law from the date of notification i.e., 29.09.1995. Originally, these Regulations were contemplated to apply to the employees who retired after 01.11.1993, but later on, it was extended to the employees, who retired from 01.01.1986 onwards.
According to Clause 12 of the Pension Settlement dated 29.10.1993,
Provisions will be made by a Scheme, to be negotiated and settled between the parties of this Settlement, by 31.12.1993, for applicability, qualifying service, amounts of pension, payment of pension, commutation of pension, family pension, updating and other general conditions etc, on the lines as are in force in Reserve Bank of India.
2. Updation of Pension
So, there was intention on the part of parties to the Settlement dated 29.10.1993 to update the pension, but when the actual Regulations were regulated in 1995, IBA has not included the vital aspect of UPDATION of Pension for the reasons known to themselves. That is to say that IBA has drafted partial Regulations based on the Settlement dated 29.10.1993 and not framed the full/total Regulations, based on the Settlement dated 29.10.1993. Though there is clear mention of Updating in the above clause referred, unfortunately it is not in force in Reserve Bank of India.
But the word ‘ Pension ‘ includes,
a. different types of pensions, including family pension,
b. commutation of pension,
c. restoration of commuted pension,
d. suspension of pension,
e. withholding of pension,
f. withdrawal of pension,
g. forfeiture of pension,
h. updation of pension,
i. dearness relief on pension,
j. and so on and on.
When the Pension Scheme was introduced, suspension of pension, withholding of pension, withdrawal of pension, forfeiture of pension, are included in the Regulations 1995, as part of “other general conditions etc “, of clause 12 of the Settlement referred above, but the updation of pension was not included as part of “other general Conditions etc”, of clause 12 of the Settlement referred above. This is against the Principles of Natural Justice. Hence the Pension Regulations 1995 is only a part of Settlement dated 29.10.1993 and there is need and demand for amendment of Pension Regulations 1995, for inclusion of Updation of Pension in the Pension Regulations, as Pension and Updation of Pension, are not different, Updation of Pension is part and parcel and integral part of Pension as a whole
03. Pension Funds Position in Pension Funds Trusts of PSU Banks.
The following table gives the factual and actual position of pension funds
( Amount in Crores of Rupees)
Name of the Bank
|
Opening Balance
|
Annual Contribution
|
Interest Income
|
Benefits paid
|
Actuarial Loss/Gain
|
Closing Balance
|
Allahabad Bank
|
3697.49
|
590.92
|
312.89
|
243.27
|
-214.38
|
4143.65
|
Andhra Bank
|
2834.32
|
177.85
|
230.15
|
157.54
|
+ 95.96
|
3180.7
|
Bank of Baroda
|
7502.04
|
1080.1
|
616.31
|
502.76
|
-436.21
|
8259.48
|
Bank of India
|
7404.65
|
804.95
|
658.35
|
605.48
|
-224.22
|
8038.24
|
Bank of Maha
|
2772.84
|
457.9
|
226.87
|
207.4
|
+ 33.94
|
3216.27
|
Canara Bank
|
8584.93
|
149.83
|
672.06
|
596.28
|
+225.32
|
9035.86
|
CBI
|
7190.56
|
166.74
|
600.8
|
578.07
|
+758.99
|
8139.02
|
Corpn Bank
|
2148.55
|
71.34
|
184.63
|
77
|
+145.68
|
2473.2
|
Dena Bank
|
1761.94
|
202.02
|
149.98
|
190.88
|
- 5.12
|
1917.94
|
Indian Bank
|
4521.26
|
57.07
|
406.55
|
318.32
|
+263.75
|
4930.31
|
IOB
|
4865.1
|
82.45
|
408.3
|
397.65
|
+468.28
|
5426.49
|
OBC
|
3342.17
|
106.29
|
284.08
|
91.14
|
+191.38
|
3832.78
|
PNB
|
13559.18
|
358.28
|
1118.17
|
-652.83
|
+ 779.99
|
15162.79
|
PSB
|
2419.87
|
211.77
|
209.92
|
174.73
|
-173.5
|
2493.33
|
Syndicate Bank
|
4550.04
|
572.1
|
366.94
|
466.09
|
+ 25.84
|
5048.83
|
Uco Bank
|
3863.62
|
472.04
|
310.84
|
413.28
|
+422.06
|
4655.28
|
Union B of I
|
5991.02
|
194.81
|
509.62
|
380.68
|
+ 369.04
|
6683.81
|
United B of I
|
2317.55
|
386.66
|
191.53
|
301.79
|
+554.75
|
3148.7
|
Vijaya Bank
|
2009.65
|
268.9
|
161.48
|
219.72
|
- 87.47
|
2132.84
|
Total
|
91336.78
|
6412.02
|
7619.47
|
6574.91
|
+3126.2
|
101919.56
|
Associate Bks
| ||||||
SBH
|
2588.59
|
126.46
|
208.64 -
|
167.48
|
+136.3
|
2892.51
|
SBBJ
|
2335.53
|
53.48
|
216.5 -
|
154.01
|
+242.75
|
2694.25
|
SBT
|
2216.64
|
37.7
|
207.23 -
|
125.44
|
-100.6
|
2235.53
|
SBM
|
1152.24
|
222.92
|
96.26 -
|
104.17-
|
-43.96
|
1323.29
|
SBP
|
2252.73
|
64.32
|
208.83 -
|
109.17
|
+63.77
|
2480.48
|
Total excl SBI
|
101882.51
|
6916.9
|
8556.93
|
7235.18
|
+3424.46
|
113545.62
|
SBI
|
39564.21
|
872.37
|
3362.96
|
2762.88
|
+4200.33
|
45236.99
|
Total of PSU Bks
|
141446.72
|
7789.27
|
11919.89
|
9998.06
|
+7624.79
|
158782.61
|
(These figures of Pension Funds are available in annual reports of respective bank’s website)
Now it is pertinent note and drive a factual and actual point here, that the total interest earned on pension funds in financial year 2013-14 amounting to Rs. 8557 crores, has serviced pension pay out in the said financial year amounting to Rs, 7235 crores in cases of PSU banks and but still there is incremental growth from Rs. 101883 crores to 113546 crores in the said financial year, i.e.,a net of Rs. 11,663.00 crores, in which contributions amounting to Rs. 6917 crores has been added to the corpus fund growth. In all the PSU banks, the interest earned on pension funds has serviced the annual pension payouts.
04. Justification of Pension Updation and 100% neutralisation of D A
When such is the factual and actual pension funds position stood as thus above, Bank of Baroda has admitted that it requires Rs 8 crores per month to allow updation of pension in case of officers, i.e Rs. 96 crores annually and on the same lines it is expected to cost another Rs. 100 crores to award staff annually, aggregating Rs. 196 crores, ( say Rs. 200 Crores annually in one PSU bank ) at current rates. However, it is disheartening some individual banks and Indian Banks’ Association have misrepresented the facts to the various Honourable High Courts and Supreme Court in the country, by submitting
a. that the Pension Scheme is a Self Financing Scheme,
b. that the Financial Implication of Pension Fund would be adverse
c. that there is no provision to provide updation of pension and 100%
neutralisation of Dearness Allowance
d. and so on,
That is, not submitting to the honourable courts about the factual and actual position of pension funds, by the banks and IBA and on the other hand, individual retirees and retirees’ associations’ petitioners have not brought to the notice to the honourable courts about the sound pension funds position of the banks, therefore, there are unfavourable orders from the honourable courts
Now it is clear to the individual banks, IBA and UFBU to take stock of factual and actual sound position of pension funds of PSU banks and work out the cost of pension updation and 100% neutralisation of D A. So In this regard, it is requested to Secretary DFS, to give suitable instructions to the negotiating committee of IBA, as the demand for updation of pension and 100% neutralisation of DA is viable and affordable. So also the Apex Court has upheld the theory of One Rank One Pension recently in respect of Retired Judges’ Pension case.
From the above you will observe that IBA HAS MISERABLY FAILED TO ADOPT” ALL THE OTHER GENERAL CONDITIONS”ETC OF CLAUSE NO 12 OF THE PENSION SETTLEMENT DATED 29-10-1993 AND ALWAYS FRADULENTLY MISLEAD YOU AND THE COURTS BY GIVING THE FALSE INFORMATION ABOUT THE PENSION FUND POSITION OF ALL THE BANKS AND THEREBY MENTIONING THAT BANKS FINANCIAL POSITION CANNOT AFFORD THE ABOVE STATED DEMANDS AS STATED IN SUBJECT .
YOU ARE THEREFORE REQUESTED TO SETTLE THE MATTER WITHOUT ANY FURTHER DELAY.
FURTHER IN VIEW OF THE ABOVE HARDSHIP AND PROBLEMS CREATED BY THE IBA I FEEL THERE IS A NEED TO HAVE THE PRESENCE OF RETIREES REPRESENTATIVES IN PENSION FUND TRUST AS PER REGULATION NO 8 AND SUB REGULATION NOS 1 AND 2 OF PENSION REGULATIONS 1995,TO SAFE GUARD THE INTEREST IN THE MANAGEMENT OF PENSION FUND AND ALSO STAFF WELFARE FUNDS OF THE PSU BANKS. THIS WOULD BE ON THE LINES OF ARTICLE 43 A OF THE CONSTITUTION IN WHICH WORKERS PARTICIPATION IN THE MANAGEMENT OF THE BOARD OF PSUS
Lastly I may inform you that the decision OF ILLEGAL, ARBITRARY DENIAL in the above three matters has been taken by IBA without your and RBI consent WHICH IS A MUST. RBI HAS CONFIRMED TO ME VIDE THEIR LETTER NO CO/RIA/1618/04.03.001/2014-15 DATED 24TH JULY,2014 stating that they have not issued instructions in respect of all the 3 matters referred to above to BANK OF BARODA AND ANY OTHER PUBLIC SECTOR BANKS
FURTHER ALL THE PENSION ISSUIES SHOULD BE DISCUSSED WITH THE PENSIONERS AND THEIR ASSOCIATIONS INSTEAD OF UFBU AS THEY ARE NOT ABLE TO UNDERSTAND AND APPRECIATE THE
HARDSHIPS FACED BY THE RETIREES.
Yours faithfully,
( S Ramachandran )
PENSIONER,SENIOR CITIZEN AGE 76 YEARS
AND FORMER GENERAL MANAGER, BANK OF BARODA
ATM fraud: How to withdraw cash, but keep bank balance intact-Times of India-07.11.2014
Since automated teller machines (ATMs) made their grand entrance in the country, scams like the matchstick trick, glue stick trick, thermo-cam trick, skimmer trick, shoulder surfing trick, sleek trick at pouch, and sleek trick at the cash dispenser unit began surfacing as conmen used all kinds of methods to obtain cash fraudulently from the machines.However, these tricks are old hat when compared to the latest ATM fraud that has taken Bengaluru by storm due to its ingeniously effortless technique.
So simple is the plot that it could have been lifted straight from a Hollywood flick: 15 employees of a country's leading cash management and ATM operations firm found a way to hoodwink the servers of a nationalized public bank repeatedly and committed brazen fraud from inside various ATMs across the city, right under the nose of the security guards and CCTV cameras.
Over a period of four months, these employees — some present and some former — swindled the bank of Rs 5.91 lakh, but the total fraud committed — including by various other groups of unknown persons — is reported to be a whopping Rs 66.58 lakh.
But this figure pertains to just one bank; it is likely that many more banks have been swindled through a similar modus operandi.
In that case, the fraud amount could be many times over.
The deputy manager of CMS Info Systems Private Limited (Securitas Division) in Cooke Town, Shankar Pawar, recently filed a complaint with the East division police accusing 15 of the firm's own employees of being involved in a large-scale fraud that took place in Corporation Bank ATMs across Bengaluru between mid-April and early September this year.
The police are yet to arrest the accused, and the case has been handed over to the Central Crime Branch's Fraud and Misappropriation Squad.
The modus operandi used by the fraudsters required scrupulous precision during execution but was deviously simple in nature. Known as the 'exit shutter manipulation fraud', the accused would boldly enter an ATM kiosk and insert their card.
Once the PIN and requested amount had been keyed in, the machine would authenticate the card and account, and the process of cash dispensation would begin.
Now comes the tricky part: in order to carry out the fraud, the accused would simply place their hand against the exit shutter — where the cash is normally dispensed from for a few seconds, triggering a message that there was a fault with the shutter, to be passed on to the ATM switch inside.
This would cause the machine to automatically reverse the transaction in the switch, i.e. the amount requested by the accused, which had been debited from their account, would immediately be reversed credited back to the account.
However, when the exit shutter was released after a few seconds, the ATM would dispense the amount previously requested since it was manually halted during the process of dispensation.
Given that the physical cash would be dispensed without any amount being debited from the accused's account, their account balance would essentially never decrease, thereby causing a loss to the bank concerned instead.
When Corporation Bank got alerted to the heavy and suspicious losses, they conducted an internal investigation and realised a largescale fraud was taking place and informed the company contracted with refilling their ATMs with cash.
This was then communicated to CMS Info Systems along with relevant card details and supporting documents like snapshots, video clippings, and copies of electronic journals containing specifics of the fraudulent transactions. CMS Info Systems then held their own inquiry and found that 15 of their employees' salary account ATM cards had been used to commit some of these frauds.
Confirming the incident, deputy manager of CMS Info Systems, Shankar Pawar told Mirror, "We have filed a complaint with the police and investigations are on. The accused have not been arrested yet, and our technical team as well the bank's main service provider has taken precautionary measures to prevent a repeat. Our legal team is also working on the case so we can determine the exact amount lost to fraudulent transactions."
Meanwhile, highly placed sources at the Corporation Bank stated they had implemented additional security mechanisms at the server level. "We have taken necessary steps to prevent this sort of fraud from reoccurring. This is the latest method of scamming banks using ATMs, so we have strengthened the server to block any such attempts by customers inside ATM kiosks. Old and new machines alike cannot be tricked in this manner anymore. Moreover, laymen can only commit frauds like this for up to 5-10 transactions, after which their account automatically gets blocked," a source said.
However, since the group of 15 employees was working together, they had reportedly figured out a method to bypass and cheat the server at a higher level, thus allowing the ATMs used to dispense amounts beyond the accused's daily permissible account limit.
When contacted, a senior police officer said there was little chance of cross-communication between different servers; however, he did not rule out the possibility that the various groups involved in the fraud were known to one another.
"A complaint was registered under sections 34, 418, and 420 of the IPC.We have not arrested the accused yet, but have transferred the case to the CCB's F&M squad for a separate inquiry. We are in the process of collating large amounts of data, including video clips, copies of electronic journals, card details, and ATM locations where the fraudulent transactions took place. The total amount of Rs 66.58 lakh is what has been submitted to us by CMS Info Systems in their complaint, but the amount could be higher," the officer said.
SIT suggests govt tweak tax treaties in black money case-Business Today
The black money brouhaha is turning rapidly into a whitewash special. Part of the first report of August 2014 submitted by the Supreme Court appointed Special Investigation Team (SIT) to probe the issue of black money stashed in foreign banks reveals very little fire behind all the smoke, saying that 289 of the names in the list of 628 persons or entities holding accounts abroad have no amount mentioned against their name, and that no less than 122 entries in the list are repeats.
There is information about persons holding the accounts but no details regarding bank statements and account opening are furnished, the report states. The lack of information and absence of details about the amounts held by 289 account holders could become a stumbling block for investigators, sources say.
This dead-end seems to have prompted the SIT to ask the government to renegotiate Double Taxation Avoidance Agreements (DTAAs) with countries since it has often become an obstacle in addressing the issue. While probing the black money matter, the SIT received information under the Double Taxation Avoidance Convention by the Central Board of Direct Taxes relating to certain account holders in HSBC bank Geneva.
The SIT in its first report has suggested amendments be made to these pacts so as to address the main issue of sharing information on the amounts of money maintained in foreign countries by Indians. "The amended provision should ensure that there is sharing of information with the enforcement agencies which are competent to deal with these cases and try it, may be for imposing penalty," the report says.
It was the United Progressive Alliance first and the National Democratic Alliance government now that have repeatedly told Supreme Court of their inability to furnish more information because they are bound by the taxation agreements that forbid disclosure of names. SIT Chairman Justice (Retd) MB Shah and Vice-Chairman Justice (Retd.) Arijit Pasayat directed the Central Board of Direct Taxes to prepare a draft amendment to the DTAAs so that information is shared keeping the interest of the country in mind. The Chairman and Vice-Chairman have also asked the agencies to explore whether any action can be initiated within the existing framework if countries do not cooperate and are not forthcoming in sharing information.
The report does, however, drop a brand-new bombshell: eight cases that the Central Bureau of Investigation is pursuing (see accompanying box) have also come under the ambit of the SIT.
Mail Today had earlier reported that stronger laws and punitive measures are some of the ideas deliberated by the SIT in its meetings. "The matter needs to be taken up at the diplomatic level. We need to put pressure on some countries to get the treaties amended and get back the money," said a member in the panel.
SIT has also recommended legislative reforms: amending the Foreign Exchange Management Act as well as the Prevention of Money Laundering Act. "Greater openness and liberalisation in an environment of weak regulatory enforcing agency resulted in generating more illicit financial flows and black money in the country. It appears that regulatory laws have lost their deterrent effects," the SIT has observed in its first report.
The SIT also includes heads of Department of Revenue (under the Ministry of Finance), Reserve Bank of India, Intelligence Bureau, Enforcement Directorate, CBI, Income Tax department, Narcotics Control Bureau, Directorate of Revenue Intelligence, Financial Intelligence Unit, Research and Analysis Wing and the Central Board of Direct Taxes.
Quoting a report on illicit financial flows by US-based Global Financial Integrity, the SIT noted that between 2002 and 2011 the total illicit financial flows in India were around $344 billion. Between 2006 and 2011 the illicit financial flow increased tremendously, reaching an estimated maximum of $84 billion in 2011.
Stating that illicit financial flows are the "most devastating economic issue" the SIT has listed under-invoicing, hawala transactions, drug trafficking, smuggling and bulk cash deals as most common methods of illicit financial flow. India is ranked fifth among 142 countries on illicit financial flows.
The SIT has recommended that the system needs to be more officer-based than its present clerk-based configuration, saying that the nodal agency for coordinating various departments could be the Enforcement Directorate and other agencies like Directorate of Revenue Intelligence; DG (Investigation) Income Tax could be notified organisations for taking action in cases of money laundering. Currently only Enforcement Directorate probes cases of money laundering under the PMLA. "Undisputedly there is a weak coordination among enforcement agencies. This could only be sorted out by a nodal agency," the report says.
WHAT THE PANEL HAS SAID IN ITS REPORT
>> SIT has asked the government to re-negotiate and amend DTAA
>> It has said that the amendment should stipulate sharing of information on accounts held by Indians
>> The amendment, they have said, should ensure that nations share information with Indian enforcement agencies
>> The HSBC list given to India in 2011 did not contain bank statements, account opening details etc for the 628 listed accountholders.
>> Nature of investigation search and seizure (142 cases), survey (8 cases), open enquiry (418 cases), suo-motu (17 cases), others including discreet enquiry in the remaining cases.
>> Report reveals that senior HSBC officials were pressured by CBDT officials to share information on Indian account holders, which is when the former suggested getting consent waivers from the people in question.
>> The CBDT obtained waivers from at least 174 account holders on the HSBC list; in 75 cases, a CD containing account details was obtained
>> Prosecution proceedings underway in 27 cases where account details were not shared.
>> SIT wants Enforcement Directorate to be given more power and made nodal co-ordinating agency.
EIGHT CASES REFERRED TO SIT BY CBI
>> The PACL Ponzi Scheme, better known as the 'Pearl scam'. The company allegedly invested `650 crore in five-star properties in Australia after cheating investors of Rs 45,000 crore.
>> The case pertaining to the supply of 87 Armoured Recovery Vehicles (ARV), wherein Ministry of Defence officials allegedly willfully ignored the lowest bidder. It is suspected that $2.3 million was paid in bribe.
>> Charges against DSQ Software Limited that it fraudulently allotted 1.70 crore shares worth Rs 147.5 crore during the period 2000-01
>> The rubber plant invoicing case from 2006, wherein Piyush Goyal of MV Enterprises is accused of starting the manufacture of reclaimed rubber by importing machines from China, loans for which were secured on the basis of fake bills issued by the company.
>> Fake Chinese suppliers case: RGR Impex Pvt Ltd obtained a cash credit limit of up to Rs 10 crore on import of electronic goods. Investigation revealed that in 2011-12, 23 advance payments totalling over $3.9 million were sent within four months to accounts of 10 companies in Hong Kong and UAE for the purpose of import.
>> Nafed money laundering case: It is suspected that Rs 233 crore was laundered. It is suspected that sellers/buyers were bogus Indian entities.
>> STC export-import case: The case against Rajat Pharmachem Ltd pertains to allegations that the firm cheated banks in collusion with State Trading Corporation of India. It was revealed that transactions were fraudulent, and neither import nor export of goods had actually taken place.
>> Ketan Parekh Scam: Share prices were driven up using bank money by Parekh for his own as well as the benefit of promoters. The devalued shares were finally dumped with financial institutions like UTI and LIC. An amount of Rs 4,100 crore was remitted to Mauritius-based entities, of which only Rs 877 crore was seen to have been brought back to India. The rest of the money was transferred from Mauritius to the United Kingdom and Switzerland.
(With inputs from Abhishek Bhalla)
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