NEW DELHI: The Central Bureau of Investigation ( CBI ) has registered a case against 19 companies which allegedly sent over Rs 424 crore in foreign remittances through over 700 transactions in what is suspected to be money laundering with the help of shell companies.It is alleged that during 2015, officials of Punjab National Bank of Mint Street branch in Chennai entered into criminal conspiracy with these 19 companies which had accounts with the bank.“...in furtherance of the conspiracy, the above said companies were sending foreign exchange to Hong Kong without any genuine business transactions,“ the FIR, registered on Friday, alleged.It said the accounts thus opened were used for the purpose of sending advance foreign remittances. “The modus operandi was that the customers got remittances from various other banks to their account by way of RTGS.The customers presented their request with a quotation issued by foreign suppliers for 100% ad vance remittances,“ it said. The customer made request for remittance to foreign supplier based on the quotation, it alleged.“The remittance amount was kept in such a way that it would not exceed the threshold limit of USD 1 lakh for each remittance in order to circumvent the regulatory requirements and applicability of the RBI,“ it said. The CBI said there were 700 advance remittances made for imports through various current accounts opened during the period January 2015 to May 2015 totaling to Rs 424.58 crore. “All the advance remittances were routed through NOSTRO (account held by PNB with a foreign bank in a foreign Currency) account maintained with HSBC, New York,“ it said.The bank found that none of the units were functioning at the available address. The RTGS credits had emanated mostly from some credit cooperative societies, Mumbai and other places. The RTGS transactions were made by the remitter through fictitious persons in whose names accounts were opened in the Co-operative Societies, Mumbai.