Reserve Bank to investigate Gupta money trail – report
The Reserve Bank wants Indian bank, the Bank of Baroda, to release documents containing the accounts owned by the Gupta family, according to a report in the Sunday Times.
The paper noted that the Reserve Bank’s demands are part of a wider investigation into allegations that the controversial family may have illegally channeled money out of the country.
The Financial Intelligence Centre has also reportedly requested bank documents belonging to the Gupta family.
The Sunday paper said that the Baroda deposits do not reach any further locally, suggesting movement offshore instead, with Dubai the most likely destination, according to highly placed government source with intimate knowledge of the investigation.
The source told the Sunday Times that FIC and the Resrve Bank have been collaborating on the investigation.
“Both the FIC and the Reserve Bank have been trying to get details on the deposits being made by Gupta-owned companies and other private entities in South Africa,” he said.
South Africa’s major banks have closed their doors to the Gupta family, and their businesses, following allegations of state capture, which the family denies.
The source said: “What you see is money going into their bank, but we don’t see money coming out. In one instance, one company, you see it deposit money into the Bank of Baroda but you don’t see them withdrawing the money.
“The only conclusion you would have is that the money is going to be taken somewhere else. We suspect that these companies pay the Guptas through that bank.”
“What we suspect is that when the money is in the Bank of Baroda, it is making it easy to take money to Dubai and other places,” said the source.
In March, Economic Freedom Fighters leader Julius Malema claimed that president Jacob Zuma visited the United Arab Emirates to drop off R6 billion belonging to the Guptas.
“Zuma was in UAE recently in Dubai. That was not an official visit, it was a personal one. Zuma took money to UAE. That is where they are dumping money. The Guptas have taken R6 billion to Dubai,” Malema said.
In May, City Press reported that the Gupta family had splashed out R445 million for what was the most expensive home in Dubai at the time it was listed.
Reserve Bank chief of staff Bulelwa Boqwana declined to comment on the allegations of an investigation into the Gupta family’s accounts.
The Gupta family’s spokesman, Nazeem Howa, did not respond to a text message from the Sunday Times.
The full article can be found in the 12 June, 2016 edition of the Sunday Times.
More on the Gupta family
Gupta staff tell of Zuma visits and ‘bulging’ bags of cash
Guptas buy R445 million villa in Dubai: report
‘I know nothing about Gupta business dealings’: Zuma
Guptas ‘backed’ ANC Youth League leader’s bond for R5.4m home: report
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