Money put in the name of em­ploy­ees

Financial Chronicle - - PLAN, POLICY -

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.

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