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Bank of Baroda Investigated by South Africa Central Bank
October 16, 2017
According to the sources, state-run Bank of Baroda (BoB) is being investigated by the central bank of South Africa in a case involving keeping of funds for companies that are controlled by the politically connected Gupta family.
This, however, isn’t a sudden move. This June, the South African Reserve Bank had fined the South African unit of BoB for being lax in tackling financial crime. It stemmed from allegations that the lender had mismanaged mine-rehabilitation funds held for 2 of the Gupta family companies and used them for loan repayments.
