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India’s Bank of Baroda under scrutiny in South Africa over Gupta family funds

( October 13, 2017, 06:51 GMT | Insight) -- The South African Reserve Bank is investigating the Johannesburg unit of India's Bank of Baroda in connection with money held for companies controlled by the politically-connected Gupta family, Live Mint reports. The South African Reserve Bank is investigating the Johannesburg unit of India's Bank of Baroda in connection with money held for companies controlled by the politically-connected Gupta family, Live Mint reports. The probe was initiated after the Organisation Undoing Tax Abuse alleged that mine rehabilitation funds held for two Gupta family companies had been misused to repay loans. Bank of Baroda is also being scrutinized for potentially breaching its own rules governing over-exposure to certain clients. Four major banks in South Africa last year closed accounts connected to the Gupta family over concerns that they would violate financial crime and money-laundering laws.   ...

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