NEW DELHI: In a major case of trade-based money laundering , also termed as “foreign exchange scandal”, CBI has initiated a probe against 13 private companies and unknown bank officials for sending foreign remittances worth around Rs 2,253 crore under bogus imports of goods during 2015-2016.The case is similar to the Bank of Baroda forex scam first reported by TOI in 2015, in which Rs 6,172 crore was sent from India to Hong Kong for import of cashew nuts, pulses and rice. However, it was found that nothing was imported and the money was instead deposited in 59 bank accounts of several companies.The fresh case of alleged cheating and money laundering has been registered by the CBI on a specific information that Manish Prakash Shyamdasani and Mungaram Hakmaram Dewasi, both directors of a Mumbai-based company – M/s Stelkon Infratel Pvt Ltd, indulged in large scale illegal foreign remittances under fraudulent imports of goods in 2015-16.The SIPL remitted Rs 463.74 in 187 (RTGS and NEFT) through current account in Punjab National Bank Mandvi branch in Mumbai against 25 import consignments with a declared value of Rs 3.14 crores from Nhava Sheva and Mumbai Port.Then, SIPL made foreign exchange remittance on 96 occasions worth Rs 216.38 crores using bank accounts with Canara Bank (Nariman Point Branch), State Bank of Hyderabad (Fort Branch), Corporation Bank (Mandovi Branch), Central Bank of India (Crawford Market) and Axis Bank Mumbai.The SIPL alone illegally remitted around Rs 680.12 crores while their declared value of imports was only Rs 3.14 crores. CBI says that Rs 676.98 crores were illegitimately remitted abroad by SIPL.Similarly, 12 other Mumbai and Thane-based companies – Apolla Enterprises, Kundan Trading, Disney International, Anek Trading, Lubeez Enterprises, Pawan Enterprise, Lemon Trading Company, Padilite Traders, Fine Touch Impex, Azure Enterprises, Seabird Enterprises and Iconic Enterprises – used the same modus operandi and remitted Rs 1,572.70 crores abroad by submitting non-existing/fake/forged import documents to the banks.Officials said that the 13 companies are most likely linked.CBI says that the group of 13 companies were operating several current accounts in several branches in various banks located in Opera House/Fort/Crawford Market. These firms were floated using IEC’s (Import Export Code) registration at non-existent addresses.“The amount remitted abroad by these firms through banks is around Rs 2252.82 crores while the value of actual import was only Rs 24.64 crores,” says CBI in its FIR.Explaining the modus operandi to remit foreign currency out of India, CBI said “Forged bill of entry was presented to the bank for effecting remittances by the firms. In all cases, details of the bill of entry to the bank did not match with the customs import data. The other details like invoice number and details, name of supplier, description of goods, value (in USD) appear to be completely different from customs data”.It adds that “Same bill of entry was submitted to different banks and money was remitted against it”.In its FIR, CBI has named unknown officials of several banks including Canara Bank, State Bank of Hyderabad, Corporation Bank, Central Bank of India and Axis Bank.Sources say that the companies where money has been remitted abroad could also be owned by the accused persons.CBI says, it appears that bank officials connived with the accused persons for trade based money laundering and helped in the transfers.The agency suspects that the huge money transferred abroad could be used for “nefarious activities”.