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Dawood handling terror cash via Bank of Baroda in Bahamas?

Last updated on: April 5, 2013 22:17 IST

Dawood handling terror cash via Bank of Baroda in Bahamas?

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Fugitive underworld don Dawood Ibrahim is still allegedly laundering blood money through the Bank of Baroda's branch in the tax havens in Nassau, Bahamas.

According to a CNN-IBN-First Post investigation, large volumes of funds belonging to terror groups based in Afghanistan and Pakistan are being handled by Dawood.

Highly-placed government sources reportedly told the investigation team that the Bank of Baroda's Nassau branch saw successive wire transfers of several hundred thousand dollars from at least 3 Dubai-based currency exchanges -- the al-Zarouni Exchange, the Dubai Exchange and the al-Dirham Exchange, suspected to be proceeds from organised crime.

The Al-Dirham exchange is named in an Indian government dossier on Dawood Ibrahim's operations.

The Bank of Baroda's Nassau branch was unavailable for comment.

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The investigation claimed that Dawood had emerged as the principal provider of financial services to narcotics traffickers and jihadists across South Asia -- a business pegged at over $3.5 billion a year, which uses front companies to access the global financial system.

New Delhi had provided Islamabad with the dossier in 2011, naming at least 11 United Arab Emirates-based entities controlled by Dawood's crime cartel. The list, seen by FirstPost includes al-Dirham currency exchange, Almas Electronics, Yusuf Trading, Reem Yusuf Trading, Falaudi Trading Company Gulf Coast Real Estates.

Dawood's laundered money remitted back into Pakistan is boosting the economy. In 2012, remittances jumped to over 10 billion dollars. The Karachi stock exchange gained 49% in 2012, reportedly fuelled by Dawood, claim experts.

Clearly, the US led fund squeeze on terror money and terror fund managers like Dawood and India's efforts to pressure Pakistan on Dawood is not working.




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