The alleged huge forex scam stirred up a hornet’s nest for the India’s banking sector in the year 2015. It was alleged that a whopping few thousand crore black money was remitted from bank to Hong Kong camouflaged as payments for non-existent imports. The amount was allegedly deposited in 59 accounts in cash as advance for imports that never existed. In October, 2015, two top Government investigative agencies started investigating in the matter. It was alleged that the amount was deposited in 59 accounts of one of the bank’s branch in cash as advance for import and the money was sent to some select companies in Hong Kong. The bank’s branch opened 59 current accounts from May 2014 to June 2015 through which large foreign exchange remittances were made. Remittances were sent to Hong Kong and Dubai via banks, actual exports were sent to Afghanistan. In October, six bank officers were arrested on charges of criminal conspiracy, cheating under the Prevention of Corruption Act. The other four arrested include working with the foreign exchange division of a famous private bank.

ROLE OF CREDIT INFORMATION PROVIDERS :

There are few credit information providers in the country on the panel of various banks. Mira Inform is one of them.

OUTCOME

During the period, 75 reports were sought by the bank from Mira Inform on Indian and overseas entities. Out of 75 reports, there were 72 negative reports submitted to the bank.

Asst. Director of the investigative agency sought soft copy of our past reporting done for this bank. While going through all the reports, he complimented Mira Inform team for their excellent job of producing high quality and accurate business information reports.