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Tuesday , 19 September 2017
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ED freezes two accounts of a private bank having Rs70crore

The enforcement directorate has frozen two suspicious accounts of a private bank have Rs70crore in demonetized notes of Rs1000 and Rs5000.

The money in scrap notes were allegedly deposited in the account after the announcement of demonetisation.

The deposits from the two accounts were allegedly channelled into accounts of suspected shell companies.

According to ED sources total amount of Rs 100crore was deposited in the accounts.

ED during investigation have found that that around Rs 30crore have been transferred into these accounts through the real-time gross settlement system (RTGS).

The agency is probing if the two accounts are held by a bullion trader.

The agency sleuths believe that the money deposited in the accounts was generated after selling gold on payments using demonetized currency.

Sleuths of the agency added that demonetised currency notes were one of the modes which has been adopted across the country post demonetisation.

Sleuth of the agency who wished anonymity said that after the deposits were made the funds have been routed through shell companies to show the black money as legitimate revenue.

The officer added that they found that most of these shell companies operated out of tiny premises and had no business. The companies were managed by people with no proper source of income.

The sleuths have confirmed that these companies were fictitious.

Officials are now probing the account holders and also trying to establish if the holders are professional operators are into channeling  unaccounted money .

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