#Hawala #Ed #IndianBanks #MoneyLaundering #IllegalTransactions #FemaViolations
It is toughest challenge to fight corruption in a country where banking system is not transparent and clean Behind the door, lots of illegal transactions in connivance of powerful people take place in indian banks for hefty commission. India is one of them. HSBC and Bank Of Baroda were already in news for such serious allegations. Even Jan Dhan Yojna accounts have been misused with the flood of huge amounts by black money hoarders majorly in UP and Bihar. It could not have been possible without the help of bank employees.
INDIAN GOVERNMENT RAIDS CORRUPT BANKS...
It is toughest challenge to fight corruption in a country where banking system is not transparent and clean Behind the door, lots of illegal transactions in connivance of powerful people take place in indian banks for hefty commission. India is one of them. HSBC and Bank Of Baroda were already in news for such serious allegations. Even Jan Dhan Yojna accounts have been misused with the flood of huge amounts by black money hoarders majorly in UP and Bihar. It could not have been possible without the help of bank employees.
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| ILLEGAL TRANSACTIONS IN LEGAL BANKS |
A few days back, news channels were running such horrifying stories that banks were helping corrupt people providing them new banknotes in exchange of old banned currency on commission basis. Some of the banks have taken commission in Gold for their illegal services. This is the first time Indian government has taken corrupt banks to task on large scale.
Yesterday, in a major crackdown, ED, the enforcement Directorate busted around 50 branches of 10 banks in various cities like Delhi, Mumbai, Kolkata, Bengluru, Hydrabad and Chennai etc under suspicion of hawala transactions and money laundering. The corrupt bank officials have minted money in the times of Demonetization. ED team has been checking suspicious transactions wherein hefty amounts have been deposited and routed through such accounts. Subsequently, a few bank executives have been nabbed for further investigation. Currently ED is only focusing on those banks wherein huge amount of old currency has been deposited. CCTV cameras and bank records are being looked into by sleuths and auditors. Number of such Banks could grow in the future who are believed to have helped black money hoarders.
Yesterday, in a major crackdown, ED, the enforcement Directorate busted around 50 branches of 10 banks in various cities like Delhi, Mumbai, Kolkata, Bengluru, Hydrabad and Chennai etc under suspicion of hawala transactions and money laundering. The corrupt bank officials have minted money in the times of Demonetization. ED team has been checking suspicious transactions wherein hefty amounts have been deposited and routed through such accounts. Subsequently, a few bank executives have been nabbed for further investigation. Currently ED is only focusing on those banks wherein huge amount of old currency has been deposited. CCTV cameras and bank records are being looked into by sleuths and auditors. Number of such Banks could grow in the future who are believed to have helped black money hoarders.
on Friday, 25th Nov as well, I-T dept had raided residence of 2 Axis Bank managers for helping in conversion of black money
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