Bank of Baroda in SA has held Gupta’s ‘proceeds of crime’, forfeiture unit says
The Bank of Baroda’s South African unit has been in possession of the "proceeds of crime" linked to the Estina dairy farm project that involved the politically connected Gupta family, said Thato Ntimutse, a lawyer for the National Prosecuting Authority’s (NPA’s) Asset Forfeiture Unit. While India’s Bank of Baroda has tried to stop the state from freezing R30m of its funds over the dairy farm dispute, it should be noted that the lender has gone so far as to take its own clients, the Guptas, to court to try to sever ties, Ntimutse said in the High Court in Bloemfontein on Friday. Although state funds intended for the farm may also have gone through other banks in SA, Bank of Baroda has a single current account into which all funds are paid so that legal and illegal money co-mingles, he said.
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