Bank accounts opened in name of paper firms
The tale of a Delhi shell firm
Investigations were initiated on the basis of information from the police following interception of a vehicle carrying Rs 3.7 crore in old currency. The carrier confessed to have deposited Rs 35 crore old denomination notes in bank since November 11. The bank accounts were opened in the name of paper firms. Cash was collected from various parties, deposited in bank account of one such fake firm, then transferred through RTGS from one company to another company’s account and after 3-4 layering, were finally deposited in the account of original owner. All these accounts were operated by a single person. This was done with active involvement of branch manager and operation manager in lieu of commission at the rate of 1% on the sums deposited. In this case deposits were made in the names of 3 paper firms. The bulk cash deposit was accepted by the bank based on declarations on respective letter heads of the proprietorship firms, conveying the respective cash deposits were out of cash sales. Several anomalies were found in such declarations including declarations of separate concerns written on common letter heads in similar font, style, type of paper. The signatures appeared to have been put by same person. The declarations didn’t had reference or PAN details.