The Central Bureau of Investigation (CBI) has questioned four senior central bank officials in relation to a $2 billion fraud at Punjab National Bank, a CBI source said on Thursday.
The four Reserve Bank of India (RBI) executives included three chief general managers and one general manager, the source said
“However, from May 21, 2014, the Premier Trading Houses and Star Trading Houses were also allowed to import gold under 20:80 scheme,” the statement said, referring to Chidambaram’s decision to allow private traders to import.
“The then Finance Minister approved the modified scheme on May 13, 2014, even though the model code of conduct was in place since March 5, 2014 with the announcement of the Lok Sabha Polls, and the counting was due on May 16, 2014,” the statement issued by the commerce ministry last month had said.
The statement had referred to a Comptroller and Auditor General (CAG) report that put gold imported by 13 trading houses during June 2014 to November 2014 at 282.77 tones, “which means a windfall gain of about Rs 4,500 crore to these agencies during this period, assuming a premium of Rs 2 lakh per kg and 80 per cent of imported gold supplied to domestic market earning the premium”.
It further said: “Even the export obligations were being met through export of plain jewellery, viz., bangles and chains, which were re-melted in offshore locations through front/ shell companies for the purpose of re-import.”