Bank of Baroda- Satyam Scam…
· The Serious Fraud Investigation Office (SFIO) seeks probe into Bank of Baroda’s New York branch role in the Satyam scam by an appropriate authority, reports CNBC-TV18, quoting sources. The New York branch account was used allegedly to show non-existing current account balance.
· SFIO has informed the Ministry of Corporate Affairs (MCA) about the extensive use of the New York account for dubious transactions. It has raised concerns over the role of BoB’s New York branch officials.
· Bank of Baroda told SFIO that closing balance for the account was USD 10.8 million as on September 30, 2008. It also said the statement it got from the company for the account was not issued by the bank.
Bank of Baroda haven’t provided any comments on this issue. read more..http://http://www.moneycontrol.com/india/news/cnbc-tv18-comments/report-says-satyam-used-bankbaroda-a/c-to-cook-books/395493
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