A near-$1bn money laundering scandal in New Delhi is threatening to ensnare some of the country’s largest banks.
In a matter of a month, Ashok Vihar has gone from a run-of-the-mill neighborhood in India’s capital city to the center of a near $1 billion money laundering scandal that is threatening to ensnare some of the country’s largest banks.
Bank of Baroda, India’s second-largest state-owned bank by assets, has operated a local branch in the area for decades where local shopkeepers and families kept accounts. Now, that branch is being investigated for illegal foreign exchange transactions estimated at as much as 60 billion rupees ($922 million) with the trail of evidence spanning from the Middle East to Latin America.
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