The Enforcement Directorate has seized Rs 3.71 crore of two companies for alleged misuse of third party accounts by cash deposits at a bank branch in Bihar after demonetisation. Stating that the seizure was made yesterday, an ED release said that the amount was held in the name of two companies in a case involving huge cash deposits in demonetized currency in certain bank accounts of the Bank of India, G B Road, Gaya.
During investigation under the Prevention of Money Laundering Act, it was found that some officials of the Bank of India, Gaya, in connivance with four individuals misused the bank accounts of certain innocent persons to deposit huge amount of demonetized currency in their accounts, the release said. “The money so deposited was layered through various bank accounts in the guise of fake business transactions. Rs 3.71 crore in demonetized currency were deposited in the bank accounts of various firms/persons without their knowledge and consent”, it said adding that the amount was further transferred to the account of two companies.
While the director of one company could not offer any logical explanation of such deposits and transaction whereas the director of another company did not appear in response to the summons, it said. For this, an amount of Rs 1.77 crore from a private bank account of one company and Rs 1.94 crore from a PSU bank account of another company were seized, the agency said. The ED also said among the accused businessmen based in Gaya one was in judicial custody and two others were absconding.
Among the bank officials named in the case, one retired chief manager was arrested while two others are absconding, the release said.