Rs 1.6 Crore In Black Money Seized From Jaipur Cooperative Bank Branches

The investigative wing of the income-tax department seized on Monday alleged unaccounted for income to the tune of Rs 1.56 crore from various branches of Integral Urban Co-operative Bank Limited in Jaipur. Of this, nearly Rs 1.38 crore was in the new Rs 2,000 and Rs 500 notes.

PTI

Following complaints and intelligence inputs about unaccounted for money in the demonetised Rs 500 and Rs 1,000 notes being exchanged for new banknotes, the I-T department began a survey at the bank on Friday.

The department found that CEO Keshav Badaya, 38, ran 14 branches of the bank. In addition, he was also involved with the management of St. Wilfred Educational Society, which runs St. Wilfred's PG College in Jaipur.

taxationnow.com

"We got reports that the management of St. Wilfred Education society was not accepting older currency notes as fees from students. It was also found that the chief administrative officer of Integral Urban Co-operative Bank and St.Wilfred's is the same person. It was found that they were changing the older notes for fresh notes from the bank," said the I-T officer.

"It appears he was converting his black money into white through the bank," the officer added. Sleuths also seized gold and silver worth nearly Rs 46 lakh from unclaimed lockers at the bank. I-T officers said Badaya could not be contacted in person or over the phone.

NDTV

Meanwhile, the Rajasthan police also seized Rs 64 lakh from three people detained in Jaipur on Monday afternoon. Two of the suspects have been identified as Deepak Bhardiya, who is said to be an industrialist, and Sandeep, who runs a dairy in the city. According to police, the trio planned to use the cash to exchange the demonetised Rs 500 and Rs 1,000 notes for a 15% commission.