I-T to probe 25 suspicious transactions worth Rs 250 crore

“Most of the transactions pertain to transfer of money through RTGS to different accounts during demonetisation, demand drafts issued to certain clients after accepting scrapped currency notes and loan accounts that were settled during the demonetisation period,” said a source.

According to sources, between November 9 and December 30, the ED has registered over 60 cases under the Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA) across the country. Out of these, at least 27 cases have been filed under the PMLA.

Most of these cases, sources said, pertain to bullion traders, diamond merchants, exporters and bank officials. In Mumbai alone, the agency is investigating three cases under the stringent PMLA. The PMLA cases relate to violations of norms by city-based diamond import-export firm Rajeshwar Export Pvt Ltd, credit co-operative bank Vaidyanath Urban Co-operative Bank Ltd. and a railway official during demonetisation.

In case of Rajeshwar Exports, the ED probe began after it found deposits of Rs 10 crore in the account of certain shell companies post demonetisation. The money trail then led to nine other companies with a deposit of Rs 45 crore in currency notes which were withdrawn.
The ED found that the deposited money was transferred to Rajeshwar Exports through a complex web of transactions between these shell firms.

The agency has now found that the company has illegally transferred about Rs 1,500 crore outside the country in the last one year. The ED has also seized diamonds worth Rs 33 crore of the firm in connection with the case.

Following the decision to withdraw high-value notes, a number of banks, including co-operative banks, have come under the scanner. On December 15, the Mumbai Police intercepted a private vehicle carrying over Rs 10.10 crore – Rs 10 crore in old Rs 500 notes and Rs 10 lakh in Rs 2,000 notes – belonging to the Vaidyanath Urban Co-operative Bank.

The CBI registered a case against two officials of the bank. The agency also carried out searches at 11 places in Beed, Aurangabad, Pune and Mumbai. While nobody has been arrested so far, the ED has registered a PMLA case against an oncologist in connection with the case.

In a separate PMLA case, the agency is investigating K L Bhoyar, Assistant Commercial Manager, Central Railway, Chhatrapati Shivaji Terminus (CST), Mumbai, for allegedly exchanging demonetised currency notes worth Rs 8.22 lakh with new currency notes of Rs 2,000 and legal tender of Rs 100 notes at the booking counters at CST, Kalyan and Thane.