Bank of Baroda is said to be probed in South Africa over Guptas

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October 12 2017

India’s Bank of Baroda is being investigated by South Africa’s central bank over money held for companies controlled by the politically connected Gupta family, according to a person familiar with the matter.

The South African Reserve Bank’s probe, which comes after it fined the bank in June for not doing enough to combat financial crime, was sparked after the Organisation Undoing Tax Abuse alleged in court papers that mine-rehabilitation funds held for two of the Gupta family’s companies had been mismanaged and used to repay loans, the person said.