Report Holds Mumbai Police, Banks Guilty of Inaction on Import Remittance Scam

Legal
16/06/2015 16:54

The Enforcement Directorate (ED) has submitted its detailed report to SIT (Supreme Court-appointed Special Investigation Team on black money) including damning remarks such as "negligence by banks" and "inaction by the Mumbai Police". SIT will now probe the Rs 15,000-crore fake bill import remittance scam that hit six banks, which are said to have, "failed to act against importers involved in the scam" despite repeated notifications. 

Investigations have brought to light that some importers made foreign remittances against mostly fake bill of entries. "Multiple duplicates of each bills of entry were made and submitted to different banks to show legitimate imports and to illegitimately remit huge foreign exchange outside India," said officials. Suspicions of collusion are still being investigated.