Bank of Baroda is still facing a criminal complaint in South Africa even as it was absolved by a local court of being in possession of "proceeds of crime," or illegally acquired money or assets, The Economic Times reported March 10.
The Democratic Alliance party in South Africa filed a criminal complaint against the Indian lender over allegations that the bank helped former South African President Jacob Zuma and the Gupta family launder money out of the country.
Senior bank officials told the publication that the bank plans to contest the allegations made by the Democratic Alliance. The bank allegedly helped the Gupta brothers launder billions of dollars outside the country.
A South African court investigating corruption charges against Zuma and the Guptas had absolved Bank of Baroda of being in possession of criminal proceeds. The lender had said in February that it was exiting its operations in South Africa following a probe by local regulators into its dealings with the Guptas.
