Guptas moved hundreds of millions, state capture inquiry hears

The Guptas' money laundering attempts were stopped in their tracks when the Reserve Bank caught wind of it. Courtesy of #DSTV403

JOHANNESBURG - Hundreds of millions of rands flowed into Gupta-linked shell companies before individuals got their cuts or kickbacks.

Several controversial companies have been implicated in the money-laundering aspect of state capture.

READ: Gupta family associates milked billions from Transnet

The Reserve Bank's head of financial surveillance has told the state capture inquiry there was no rationale behind the flow of money across several unrelated companies.

Elijah Mazibuko has detailed how money was transferred between suspicious accounts.

He said that the business of the companies was a mystery.

READ: Guptas planning wedding extravaganzas worth R430mn: report

The Guptas' money-laundering attempts were stopped in their tracks when the Reserve Bank caught wind of it, according to Mazibuko.

He said the family successfully laundered around R47-million through controversial companies but the Reserve Bank started investigating after Mercantile Bank flagged three other transactions. 

Mazibuko says over the last five years, the Reserve Bank has referred 64 cases to the police of possible contravention of the exchange control regulations – or money laundering - with no feedback or progress.

Source
eNCA