Bank ac­counts opened in name of pa­per firms

Financial Chronicle - - PLAN, POLICY -

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.

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