Slum dwellers made company directors in Bank of Baroda forex scam: Report

New Delhi: Slum dwellers in Delhi were made pseudo entrepreneurs in the illicit money remittance case involving public lender Bank of Baroda, a daily newspaper has said.

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As per a report in the Times of India, vegetable sellers, rikshaw pullers and even domestic maids were approached to become proxy company directors in the money transfer case.

It is alleged that Rs 6,172 crore black money was remitted from Bank of Baroda to Hong Kong camouflaged as payments for non-existent imports like cashew, pulses and rice.

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It is also alleged that amount was deposited in 59 accounts of the bank's Ashok Vihar branch (New Delhi) in cash as advance for import and the money was sent to some selected companies in Hong Kong.

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The branch opened 59 current accounts during the period May 2014 to June, 2016 through which large foreign exchange remittance were done. The TOI report said that “drivers, vendors etc were asked to just provide their voter ID cards, PAN cards for which they were offered Rs 10-15,000 per month.”

Gold tumbles Rs 100 on global cues, silver plunges too.

Taking weak cues from the global market and slack demand from jewellers, gold extended its slide for the second straight day as prices plunged Rs 100 to Rs 25,650 per 10 grams.

Silver slipped below the Rs 34,000-mark by falling Rs 225 to Rs 33,800 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said a weakening trend in the global market amid growing confidence in the US Fed to raise interest next month helped the dollar cement gains, eroding demand for the precious metals.

Furthermore, a muted demand from jewellers and retailers pulled down gold prices, they said.

Globally, gold retreated as much as one percent to USD 1,067.58 an ounce in Singapore today while it ended 0.43 percent down at USD 1,077.20 in New York yesterday.

Silver slumped 1.5 percent to USD 13.97 an ounce in Singapore today, the lowest since august 2009.

In the national capital, gold of 99.9 percent and 99.5 percent purity slumped Rs 100 each to Rs 25,650 and Rs 25,500 per 10 grams, respectively. The precious metal had lost Rs 150 on Saturday.

Sovereign, however, remained flat at Rs 22,200 per piece of eight grams in scattered deals.

Following gold, silver ready cracked below the Rs 34,000 mark by declining Rs 225 to Rs 33,800 per kg and weekly-based delivery by Rs 290 to Rs 33,300 per kg.

Silver coins remained unchanged at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.