Published On: Sun, Dec 18th, 2016

Rs 40 crore in 36 accounts of servants, drivers.. businessman converts black money

Gaya (Bihar): The level of corruption in the banking system has not only been exposed following the note ban, but has become a major embarrassment for the Narendra Modi government.  In a fresh case,  a businessman in connivance with the bank officials managed to open 36 accounts, many of them bogus, just to launder black money.

The Income Tax Department has alleged that a local cotton mill owner, Motilal Patwa,  here has been able to convert his Rs 40-crore black money into white using 36 accounts, many of these accounts were opened in the names of drivers, rickshaw pullers, domestic helps, etc.

Sources in IT Department say that Patwa managed to open these accounts as the bank officials bypassed the KYC norms. IT officials are probing the role of a manager and other employees of a Bank of India branch.

 Documents related to 36 accounts have been seized from Patwa’s house. Over Rs 1 core was deposited in these accounts after the note ban. Patwa had deposited money in the Jan Dhan accounts of rickshaw pullers and drivers, which he had opened in their name. Since he was operating all the accounts, they did not know about the deposits.

All these accounts were opened with the Bank of India, and thus IT officials are looking at the role of bank manger in the scam.  IT officials had received a tip off about Patwa’s modus operandi.  (News24Bureau)