Investigation agencies including the I-T and the CBI have identified eight types of modus-operandi adopted by a few bankers and illegal currency exchange gangs. I-T department will send notices to all the identified suspicious deposits and bank accounts opened after November 8.
Identity Theft
After the demonetisation, banks allowed public to exchange their old Rs 500 and Rs 1,000 currency denominations and demanded any Identity proof. Investigating teams found that a few bankers used genuine customers’ ID proofs like Aadhaar to withdraw money. As the bankers got genuine documents, they made photocopies of the same for assisting black money holders.
ATMs
80 per cent of ATMs are out of business after demonetisation. Most of the ATMs nation wide are yet to be recalibrated. It was found that the currency for ATMs was diverted by the staff of third-party agencies for the black money holders. The Hyderabad CCS police has nabbed four ATM staffers who siphoned away off Rs 1.88 crore in a similar fashion.
Jan Dhan A/C
15 per cent of the Jan Dhan accounts in every bank were misused to convert black money. The CBI is already investigating the matter. It was found that Rs 286 crore (demonetised currency) was deposited with District Central Cooperative Banks in the nine (old) districts in four days from November 9 to 12.
Demand Draft Scam
Officials from investigating agencies found that many withdrawals towards cancellation of demand drafts happen after demonetisation. DDs worth up to Rs 49,000 were being made with old currency and were later cancelled for a new note.
25 per cent Commission
A few cashiers across the Telugu states exchanged old currency for black money holders without demanding any ID proof. It was found that up to 25% commission was demanded by the erring cashiers. RBI official K.Michael was arrested for the same.
Fake accounts
The I-T found that zero balance accounts and basic accounts for labour and workers were opened between November 9 and 20 in which account holders deposited up to Rs 49,000 with old currency and withdrew it in a phased-manner.
SHG Accounts
Cases of Self Help Group (SHG) accounts in Telangana districts flooding with deposits after November 8 have come to light. Accordingly, the Income Tax officials are focusing on such accounts in the state.
Micro Financers
The micro-finance organisers and agents played key role in exchanging old currency. These gangs from Karimnagar, Nizamabad, Warangal and Mahbubnagar collected old currency from horders and provided smaller denominations for 30-35% commission.
