SBI wins money-laundering case in Belgium

"This is a big victory for all of us here," Nihal S Kujur, chief executive officer, SBI branch in Antwerp told India News.

"This totally absolves SBI employees of any wrong doing," he said. Belgian authorities had filed a case against the SBI for money laundering in 1997.

The case related to accusations that employees of SBI were indulging in encouraging money laundering by giving credit against money allegedly laundered by some Indian diamond merchants based in Antwerp.

Antwerp is the centre of the world diamond trading. About 400 families, mainly from Gujarat are engaged in the diamond business.

A lower court had earlier given a verdict in SBI's favour. But the Belgian prosecution went to the appeals court against that order.

Yesterday, the court dismissed the prosecution's appeal and also found no evidence against the Indian diamond merchants of money laundering.