Bank of Baroda's Rs 6,000 crore forex scam


Bank of Baroda courted controversy after being accused of having irregularities in outward foreign remittances to the tune of about Rs 6,000 crore from its branch.


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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.


Also read: CBI searches Bank of Baroda branches for Rs 6,100 crore suspected black money transfer


Also read: Finance Ministry wants CBI to fast-track Bank of Baroda fraud case


Also read: Magnitude of Bank of Baroda case to be clear after completion of probe: FM Jaitley


Satyam case: Ramalinga Raju sentenced to 7 years in jail


Six years after the biggest accounting fraud shook the corporate world in India, Satyam chief B Ramalinga Raju and nine others were in April found guilty by a special court on charges of criminal conspiracy and cheating in the Rs 7000-crore scam.


A special court trying the multi-crore accounting fraud found Raju guilty in the case and sentenced him to seven years in Jail. Raju and his brother B Rama Raju have also been fined Rs five crore each while the eight others accused have been fined varying amounts up to Rs 25 lakh by the special court.


Also read: Satyam scam: Ramalinga Raju, 9 others sentenced to 7-year rigorous imprisonment


Also read: Satyam verdict a wake-up call for India Inc


Also read: Satyam scam: Sebi asks Raju family, others to return Rs 1,800 crore