State Bank Group Scam

I think RBI or media or government is not aware of big scam which happened in State Bank Group.

The Bank officials manipulated the US dollar exchange rate for almost 48 days from 07-Dec-2011 to 23-Jan-2012. In this way they helped some account holders to withdraw excess money than in their account from abroad ATM's.

Suppose today the actual US dollar rate is 50 Rs for 1 dollar. The ATM withdrawal limit is 50,000 Rs per day. In that case a person should be able to withdraw only 50000/50 = 1000 dollars in USA in a single day. Suppose the bank manipulated the rate to 40 Rs for 1 dollar , in that case the person would be able to withdraw 50000/40 = 1250 dollars in a single day. The NRE account is debited with 50,000 Rs and the person gets 1250 dollars. That is, the person gets 250 dollars excess in his pocket.

This is what actually happened. And this continued for 48 days. If it was a mistake, bank would have known about it in 1 or 2 days and would have corrected it. The rate fluctuated for 48 days. This clearly shows that the Bank intentionally did it. This is clear case of scam because after the month end and after year end also the rate fluctuated. And all these 48 days the rates where varying. Some days it came to as low as 10 Rs per dollar.

Since the US dollar rate was manipulated , it would have effected other currency rates also. In that case all the persons around the globe who used State Bank ATM card to withdraw money, during the period, would have got excess money.

Think of a situation where a Bank creates fake NRE a/c's and changes the US dollar rate. The Bank can use the ATM cards of those a/c's to withdraw money. These things need to be investigated. It need to be investigated whether this is the first time or this kind of scam have happened before.

I have an account with State Bank of Travancore and I am the person who witnessed it.

I want the world to know about the Scam.