CBI books 12 in shell firms case

The Central Bureau of Investigation (CBI) on Friday filed a criminal case against 12 people, including three senior officials of an Axis Bank branch of Ahmedabad for allegedly depositing cash deposits to the tune of ₹100 crore thus violating guidelines put forth by the RBI following the demonetisation move on November 8, 2016.

According to the probe agency, the accused conspired to deposit the amount into accounts of 25 shell companies with Memnagar branch of Axis Bank in Ahmedabad during November and December months of 2016. On Friday, the probe agency booked branch manager Yasha Mehta, operations head Ahbhimanyu Singh Naruka and customer relations officer Rita Kumar and nine others including the cash handlers accused of depositing the cash.

The agency also carried out search operations at 16 locations in Ahmedabad.

“The allegation is that the notes were being deposited in the name of lending accounts with the help of the branch manager and other bank officials,” Gaur added.

CBI said some of the accused have been listed as owners of the shell companies into whose accounts huge cash deposits were made, sometimes on multiple occasions in a day. RBI guidelines issued after November 8, mandated that cash could have been deposited either by the account holder or their authorised representatives on the production of suitable identity document.