Bank Of Baroda Shares Fall 5% On Illegal Forex Transfers

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Shares in Bank of Baroda fell as much as 5% after reports that of the bank being involved in illegal Rs 6,172 crores in foreign exchange, made to Hong Kong through newly-opened accounts in the bank's Ashok Vihar branch.

The shares of Bank of Baroda were last trading at Rs 173.50, down almost 5 per cent on the National Stock Exchange.

Bank Of Baroda Shares Fall 5% On Illegal Forex Transfers
Bank of Baroda: Quotes, News
BSE 162.10BSE Quote3.6 (2.22%)
NSE 162.05NSE Quote3.55 (2.19%)
According to PTI report CBI teams on Sunday swooped down at 50 locations in Delhi in connection with its probe into alleged spurious transactions of Rs 6,000 crore to Hong Kong from a Bank of Baroda branch in the garb of purported payments of "non-existent" imports.

CBI sources said agency has found that Ashok Vihar branch of the bank was a relatively new one which has got the permission to entertain forex transactions only in 2013.

With inputs from PTI

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