5 crore in Pan Seller's account to stash unaccounted cash

New Delhi: Frequent visitors to the Ghaziabad Development Authority's office at Navyug Market would know Ghanshyam, the man who sells 'paan' from a kiosk near the GDA office. The income-tax department has found Rs 5 crore in his account,deposited within the period of demonetisation between November 9 and December 31 last year.He told income-tax officials that he agreed to let a property dealer,Rahul Chaudhary,use his bank account and in return he got a monthly payment of Rs 8,000, and it was Chaudhary who operated the account.It now seems many people,including jewellers,in Delhi and Meerut got their unaccounted money regularised through Ghanshyam's account with the help of Chaudhary. In the Nehru Nagar branch of Jammu & Kashmir Bank where Ghanshyam has his account,two other accounts with suspicious transactions were scanned by IT Department. The total amount deposited in these accounts were Rs 12 crore."Our investigations revealed these two savings accounts were bogus and had been opened with the help of fake documents," a senior I-T officer was quoted as saying in media reports"The total amount of cash deposited in old denomination currency notes into these accounts during the period was around Rs 12 crore. During our inquiry, it was revealed that these two accounts were also being operated by Rahul Chaudhary," the officer added.The IT department is yet to file a case so none of the accused has been arrested so far.Officials of the Income tax department are still examining the transactions of Ghanshyam's account. It is also being investigated if the 'paan' shop owner got a commission from the conversions that Chaudhary carried out on behalf of various people in Delhi and Meerut.According to IT officials, after the deposits, Chaudhary transferred certain amounts through RTGS to various accounts in Delhi and Meerut. In the last week of December,Rs 50 lakh was transferred from one of the savings accounts to the account of Sheetal Chandna in Delhi's Model Town."During investigations chandna admitted that she had given Rs 50 lakh in old currency notes to Chaudhary who had promised to deposit the money into her account within a month through electronic transfer.Chaudhary had promised to convert the cash against the payment of commission. So far, we have found the involvement of at least one more person with Chaudhary. A case is likely to be registered in Ghaziabad next week,"the officer said.The I-T department is investigating three other savings accounts into which various amounts of cash were transferred by Chaudhary during this period.One of the savings account belongs to Prem Miglani in AGCR Enclave of Delhi while othertwo belongs to jewellers in Meerut.