Free Press Journal

Kingpin of illegal forex case identified: CBI



New Delhi: The Central Bureau of Investigation (CBI) on Thursday told a special court that kingpin of the illegal forex transfer case has been identified while seeking police custody of accused arreted in the case.

The CBI told Special Judge P.K. Jain that the agency has found out the main kingpin of the entire conspiracy and sought extension of police custody of two bank officials arrested in the case to apprehend other co-accused, who are absconding. Special Judge Jain allowed probe agency to quiz, till October 19, Bank of Baroda’s Ashok Vihar suspended branch head and assistant general manager Suresh Kumar Garg in connection with the illegal transfer of Rs.6,172 crore abroad through the bank .

However, it rejected CBI plea seeking police custody of suspended foreign exchange unit head Jainis Dubey and sent him into judicial custody till October 30. Public prosecutor Naveen Kumar Singh, while seeking custody of both accused, told the court that two days was insufficient to interrogate them in depth. He further stated that accused did not cooperate during interrogation, and thus CBI needed four more days police custody. On perusal of the case diary, the court observed that Dubey had disclosed to the CBI that all the foreign remittance had been done on the verbal directions of Garg. It also noted that heavy cash deposits were allowed as per Garg’s verbal direction.

“…perusal of the CD reveals that accused S.K. Garg had not cooperated during investigation and avoided several answers. In order to enable the investigating agency to interrogate Garg in depth, he is remanded to police custody till October 19,” the court said. However, it remanded Dubey in judicial custody observing that it is not clear how he may assist the CBI in arresting the other accused. The CBI plea was pposed by the defence counsel of accused on the ground that the entire case of agency is based on the documentary evidence and nothing is required to be recovered.

The case pertains to the transfer of Rs.6,172 crore in foreign exchange through a Bank of Baroda branch to Hong Kong. The money was transferred through 59 bank accounts to companies in Hong Kong and Dubai for fake import and export businesses.