scorecardresearch
Follow Us:
Tuesday, August 16, 2022

Money-laundering: ED chargesheet against Axis bank staff

The case was first detected by Delhi Police after it intercepted three persons with about Rs 3.7 crore cash in old notes in front of the Axis Bank branch in November last year.

By: Express News Service | New Delhi |
February 4, 2017 2:29:23 am
black money, tax treaties, black money abroad, foreign black money, HSBC, enforcement directorate, CBI, DTAA, Prevention of Money Laundering Act, money laundering, indian express news, economy, business No Suspicious Transaction Reports (STRs) were filed by the bank officials and the deposits were made without authorisation. (Representational image)

The Enforcement Directorate (ED) on Thursday filed its first chargesheet in money laundering cases against officials of an Axis Bank branch, and others, for alleged illegal conversion of scrapped currency notes.

The agency has named two bank officials working at the Kashmere Gate branch in Delhi. Vineet Gupta (branch head) and Shobhit Sinha (operations head), with “active connivance” of a private person Rajeev S Kushwaha, deposited “huge amounts of demonetised currency of various firms and companies run by Kushwaha to the tune of Rs 40 crore for a huge commission, and converted it into monetised form like Real Time Gross Settlement (RTGS) transfers and gold, said the chargesheet.

Watch What Else Is Making News 

The case was first detected by Delhi Police after it intercepted three persons with about Rs 3.7 crore cash in old notes in front of the Axis Bank branch in November last year. The ED took cognisance of the FIR and slapped money laundering charges against the accused. The trio were arrested in December last year, and are currently in judicial custody.

Subscriber Only Stories
The rise of the worker productivity scorePremium
Delhi Confidential: Tiranga selfies campaign a big hit on Independence DayPremium
Bihar berozgari refrain makes way into CM’s job promisePremium
Collegium led by CJI Ramana cleared over 250 for HCs; vacancies now lowes...Premium

Detailing their modus operandi, the agency said, the trio used to “deposit money after banking hours at around 6 pm”. The money deposited in these accounts was then transferred to different accounts within minutes to different companies through RTGS transfers.

No Suspicious Transaction Reports (STRs) were filed by the bank officials and the deposits were made without authorisation, bypassing banking formalities.

ED said, “It all started after demonetisation (on November 8, 2016) when people with illegal money began converting their old currency notes into gold/legal tender. These bullion traders wanted payments in RTGS or transfer of money through banking channel.”

“Kushwaha was holding various fictitious companies/firms namely Ms Himalaya International, Ms RD Trader and Ms Beagle Marketing and Ms Sunrise Trading,” the chargesheet stated. It further said, “They (Kushwaha and others) contacted Gupta and Sinha to get special facilities to put the old currency into the banking system through their fictitious/shell companies having current accounts in Kashmere Gate branch by offering huge commission.”

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest India News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
First published on: 04-02-2017 at 02:29:23 am
0 Comment(s) *
* The moderation of comments is automated and not cleared manually by indianexpress.com.

Featured Stories

Advertisement
Advertisement
Advertisement
Advertisement