Mr. Jhunjhunwala has been accused of trading illegally in foreign currencies in Singapore, going in for illegal external borrowings and maintaining foreign bank accounts without approval. In the guise of the said agreement, the accused opened and operated a foreign bank account in the company’s name, of which he was the beneficial owner. Foreign accountThe agency alleges that Mr. Jhunjhunwala also maintained an individual foreign account with LGT Bank (Singapore) Limited without authorisation and made transactions in foreign currencies by huge borrowings in foreign exchange. “He took money outside India under the liberalised remittance scheme, which was also misused for such illegal speculative trading in various foreign currencies. For these transactions, he did not have any specific permission from the Reserve Bank of India.

Source: The Hindu June 24, 2020 12:22 UTC