The Bank of Baroda has distanced itself from reports that Friday’s raids in Johannesburg and Durban were due to investigations on the bank itself, but rather on financial transactions of the Gupta brothers.
An elite South Africa police unit raided offices of India’s Bank of Baroda on Friday and seized documents as part of an investigation into state corruption under former president Jacob Zuma, a police spokesperson said.
The Bank of Baroda’s fading relationship with Nedbank cannot be used as the main reason for the Indian state-owned international banking and financial services to close its South African branch, Gupta-linked companies argued in the Pretoria High Court on Thursday.
Just weeks after the Indian bank , Bank of Baroda announced it will be exiting the country in March, a new report by the Organized Crime and Corruption Project has detailed how deeply involved the bank was in the Gupta scandal.
The legal representatives for the Gupta companies have argued that the High Court made a blunder in granting a preservation order to freeze the assets of the bank and the R 10 million in Atul Gupta’s account.