The Enforcement Directorate has attached immovable properties and balances lying in banks accounts worth Rs 8.12 crore in a case involving use of third party accounts for huge cash deposits in accounts maintained with the Bank of India, GB Road, Gaya, Bihar during demonetisation period and the period prior to that.
The ED during investigation had discovered that huge cash, in denominations of Rs 500 and Rs 1000, was deposited by the accused.
"During investigation under the Provisions of Prevention of Money Laundering Act, it was revealed that officials of Bank of India, Gaya in connivance with Motilal, Dhiraj Jain, Pawan Jain [Hawala operators of Gaya] and Bimal Jain [Hawala operator of Delhi], misused certain bank accounts in the name of innocent persons, to deposit huge amount of illegal unaccounted cash in their bank accounts before and during demonetisation period, without the knowledge of the account holders," said the ED.
The money so deposited was layered through various bank accounts in the guise of fake business transactions. Total Rs 10.93 crore in demonetised currency was deposited in five bank accounts of persons/firms without their knowledge or consent.
According to the agency, the said amount was further transferred by Motilal on directions of Dhiraj Jain and Pawan Jain, to the accounts of different firms spread all over India after being layered through the accounts of fake and non-existent firms based in Delhi such as Shree Ram Overseas, Sandeep Traders, Rajesh Trading Co., Sunil Trading Co, Shree Ganesh Overseas, Radha Trading operated by Bimal Jain.
"The proprietors of these firms could not offer any valid explanation for such deposits and transactions," said the agency.
Courtesy/By: Shubham Mathur
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20 Nov 2018
