Rs 1,038 cr black money remitted in HK in 2014-15: CBI

Three persons and 48 "fictitious" firms in Chennai are under the CBI scanner for "fraudulently" remitting Rs 1,038.34 crore of black money to Hong Kong during 2014-15.

The Bengaluru unit of the CBI has registered a case on Friday against Mohd Ibramsa Johny, Zinta Midhar, Nizamudin, all residents of Chennai and 48 firms, which allegedly used 51 current accounts opened in four branches of Bank of India, Punjab National Bank and State Bank of Mysuru (now SBI) for the transaction.

According to the FIR, these accounts were "used solely for effecting outward remittances to the tune of Rs 1038.34 crore. Of the 51 accounts, 24 were used for outward foreign remittances in USD equivalent to Rs 488.39 crore as advance payment of goods' imported and 27 were used to remit Rs 549.95 crore towards foreign travel by Indian tourists.

For sending outward remittances for import of goods, the accused have submitted voter ID cards, PAN cards, driving licences and company documents. It said only ten firms have made imports in "small quantities" and the goods imported and the value of imports did not match with the details/invoices submitted by the firm to the banks.

"The value of such imports were very less when compared to the value of invoices submitted by the firms at the time of remitting the funds for imports. It is further revealed that the accused and others who were involved...were paid commission on the basis of the amount transferred and duration for which the bank accounts remained active and that the concerned bank officials were also bribed in cash," the FIR said.

It said most of the remittances were made in the second half of 2015 and an annual turnover of the firms was shown in lakhs whereas the amounts remitted were in crores, which was "fraudulently and dishonestly" facilitated by the bank officials.

The CBI has invoked sections of Indian Penal Code related to criminal conspiracy, cheating and forgery as well those of Prevention of Corruption Act, 1988.