JOHANNESBURG – A new report has shed light on how exactly the Gupta family allegedly made use of the Bank of Baroda for nearly a decade.
The report by global investigative reporting platform, Organized Crime and Corruption Reporting Project, apparently shows how the Indian state-owned bank played a big role in helping Gupta-owned businesses move money out of South Africa.
The organisation said it found evidence the bank played host to hundreds of millions of dollars’ worth of suspicious transactions.
Documents apparently show the bank’s South African branch issued unapproved loan guarantees.
The report also alleges the bank quashed internal compliance efforts and prevented regulators from learning about suspicious transactions in a way that benefited the Guptas’ network.
One of the larger deals that allegedly appears in the transactions is the Guptas’ irregular acquisition of the Optimum coal mine.
The bank's Indian head office denies any wrongdoing.
The Bank of Baroda announced earlier this month it would be shutting down its South African operations by the end of March.