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Report: Several Indian banks caught up in money laundering case

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Report: Several Indian banks caught up in money laundering case

Several Indian banks may have a larger loan exposure to a bank loan money laundering case, The Economic Times reported Aug. 27.

The total amount of loans involved in the fraud is likely to be more than 60 billion rupees, which was extended to the Moser Baer group by a consortium of banks, according to sources. The banks involved include State Bank of India, Punjab National Bank and Bank of Baroda. Central Bank of India has been approached by the Central Bureau of Investigation over the fraud.

The Moser Baer group allegedly "misused and misappropriated" the funds loaned by the banks, the CBI said. Moser Baer reportedly opened several bank accounts and moved over 14 billion rupees through its subsidiaries and later wrote off the loans without informing the banks.

As of Aug. 27, US$1 was equivalent to 71.50 Indian rupees.