Money put in the name of employees
Amritsar firm goes innovative
During survey, it was found that the entity had deposited Rs 2.5 crore in about 700 accounts of his employees. The company’s AGM (finance) admitted under oath to have deposited Rs 2.1 crore of old currency in 780 bank accounts of workers of the factory without their consent or knowledge. The cash so deposited was later withdrawn from the bank using the withdrawal slips already in custody of HR staff of the company. The actual bank accountholders were not aware that their accounts were being used for deposit of the cash of the company. The case has been referred to the enforcement directorate and the initiating officer under the Benami Act.
Chennai trusts show the way
Search operation was conducted on two trusts in Chennai, based on intelligence that chairman of the trusts had been distributing unaccounted money in SBNs to staff for purpose of conversion to new currency. Investigations revealed the trusts had planned to convert Rs 8.18 crore of unaccounted income held in cash through its 650 employees by depositing cash in the employees’ bank accounts in sums less than Rs 50,000. During interrogation, the chairman admitted the unaccounted cash belonging to trusts was kept in the lockers, which was distributed to employees after the announcement banning Rs 500 and Rs 1000 notes was made, to convert them into new currencies.