| The ED has found that the group has made a remittance of $7 lakh for export to an Australian company. |
| The ED is also looking at a case wherein Standard Chartered Bank accepted a blank form for remittance of the $7 lakh on behalf of the Swarup group of industries for exports. |
| The bank is also believed to have conceded to the ED during the enquiry that it was negligent in discharging its obligations. The genuineness of the export of iron ore for which the remittances have been made and freight charges paid are also being looked into by the ED. |
| However, Standard Chartered Bank did not respond to a query from Business Standard in this regard. ED officials confirmed the development but declined to give any further details. |
| Earlier, the economic offences wing of the Mumbai Police had arrested Shrivastava for making remittances using forged signature of a chartered accountant. The two transactions "" $45,000 to a Chinese company for agency commission and $88,000 for demurrage charges "" are still under investigation. |
| Shrivastava shot into limelight when he announced his plans to buy 100 paintings of master painter MF Hussein for Rs 1 crore each. |
| Remittances through blank forms have become quite common with the banks under the relaxed Foreign Exchange Management Act (FEMA), said sources. Under FEMA, foreign exchange remittance is permitted under certification of a chartered accountant. |
| Earlier, under the Foreign Exchange Regulation Act (Fera), any foreign exchange remittance required the prior permission of the Reserve Bank of India. |
| The international tax division of the income tax department has already taken up the matter of the remittances under unscrupulous methods with the RBI. Sources said many a times the transactions are fictitious. |
| The RBI has, in turn, advised banks to be careful while permitting remittance of money with chartered accountant certification. |
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