FEBRUARY 27, 2018
New details connect the three in a web of suspicious transactions in the scandal that recently rocked South Africa.
The Bank of Baroda (BoB) played a crucial role in allowing South Africa’s politically influential Gupta family to move hundreds of millions of dollars linked to alleged dirty deals into offshore accounts, an investigation by the Organized Crime and Corruption Reporting Project (OCCRP) and The Hindu has found.
The bank’s Indian head office denies any wrongdoing in the affair. But interviews and documents obtained by reporters show that the bank’s South African branch issued unapproved loan guarantees, quashed internal compliance efforts, and prevented regulators from learning about suspicious transactions in a way that benefited the Guptas’ network.