I-T Dept unearths innovative ways in use for money laundering

Tribune News Service

New Delhi, December 8

The income tax investigations have unearthed innovative methods of money laundering and transportation of cash post-demonetisation.

Investigations in Mumbai led to the revelation of a syndicate of ground-level operators active in converting banned currency notes into legal tenders for a commission.

As part of the operation to nab the culprits, the Income Tax Investigation Directorate sent out a few decoy customers seeking to exchange banned currency notes into new notes. The syndicate, acting through its mediator, agreed to the exchange for a 35% commission.

The investigations found that the syndicate comprised many ground-level operators (GLOs) — mainly local youths led by a master aggregator and a mediator. The mediator would seek customers. The GLOs would withdraw new currency in their own names or names of friends and family within the prescribed weekly limits, pass it on to the aggregator for a commission and deposit the old notes in their own accounts or accounts of family or friends in small sums.

Another investigation into cash deposits in a bank account in Nagpur revealed that the account holder had no knowledge of the existence of her account where Rs 3.29 crore had been deposited after November 8. Enquiries by the Department revealed six more such accounts in her and parents’ names. The seven accounts were opened and operated by unknown persons to launder cash of Rs 4.25 crore. Evidences gathered suggest that copies of PAN and other personal documents that she handed over to a friend few years ago were used to fraudulently open these accounts in Kolkata, which were operated to channel suspicious funds to eight beneficiaries, who are now being investigated.

In an interesting case at Ahmedabad, discreet intelligence gathered by the IT investigation team led to a survey at the premises of a transporter. Twenty-four cartons in the godown of the transporter meant for transport to Delhi were found. Lorry receipts declared these to contain fire crackers. When the cartons were opened and examined, two cartons were found to conceal currencies in the denomination of Rs 100 aggregating Rs 27 lakh.