ED Arrests 2 Businessmen in BoB PMLA Case :- In connection with the probe in the Rs 6000 crore Bank of Baroda money laundering case, the Enforcement Directorate (ED) has arrested two people. The officers of the ED department said that on Tuesday evening, under the Provision of Money Laundering Act (PMLA), two businessmen – Gagandeep Singh and Manmohan Singh were placed under arrest.
ED Arrests 2 Businessmen
The officials of ED Department said that both of them will be produced before a court today for further custody. Both businessmen have been accused of the channeling an alleged Rs 300 crore through the Ashok Vihar branch of the said bank here to foreign locations using suspected shell companies.
Two Businessmen arrested in BoB PMLA Case
Earlier, the Enforcement Directorate had termed this case to be an alleged incident of trade-based money laundering, where accused traders evaded custom duties and taxes to generate slush funds.
The Central Bureau of Investigation had also arrested Bank of Baroda AGM S K Garg and Jainish Dubey. Jainish Dubey headed the foreign exchange division. The Central Bureau of Investigation arrested them under various provisions of the IPC and the Prevention of Corruption Act.