New Delhi: It is hard to believe but it is true. Cash worth Rs 40 crore in old Rs 500 and Rs 1,000 notes was deposited in a private bank here. This is the biggest seizure of undisclosed income since the note ban on November 8.
The income tax department sources said that the deposit happened with the connivance of two mangers of the Kashmere Gate branch of this private bank. The IT officials had searched the premises of these two managers and seized cash and some incriminating documents. According to the IT officials, a sum of Rs 40 lakh was paid to these two mangers for deposit, reports The Times of India.
The modus operandi was simple. Three new accounts were opened between November 11 and November 22. The banned currency worth Rs 39.26 crore was deposited in these three accounts. Then the entire amount was electronically transferred to other accounts in different banks. Thus, the entire amount was converted into white.The managers facilitated the deposit by giving special counter facility after the banking hours.
However, the private bank has said that the deposits were made in the existing accounts of its customer at Kashmere Gate branch, Delhi.
IT officials suspect that many more banks are involve in the racket of converting black money into white for a commission. Aides of bureaucrats, politicians and businessmen are being under scrutiny of the IT officials.
Another racket has been unearthed in Laxmi Nagar and Old Delhi areas where jewellers and entry operators were collecting and depositing undisclosed income in banks with the help of bank officials.