Demonetization effect in Bengal: Small NGO deposits Rs 2 crores through 2000 transactions in a day

KOLKATA: The Enforcement Directorate on Tuesday, while conducting raids in some locations, stumbled upon a small time NGO in Nadia district that has deposited around Rs 2 crore in a local branch of a nationalized bank in small amounts.The NGO had done a total of 2015 transactions to get the entire amount deposited in the bank.

Like the NGO, the agency found another interesting transaction taking place in a private bank in Burrabazzar area in Kolkata. The bank received a total of Rs 4 crores from three companies which did not have physical existence.

Acting on a specific tip off, the investigators conducted searches in six locations including some premises in the city and in districts. Some suspicious transactions were found in a local nationalized bank of Nadia. The transactions were done by an NGO that works with self-help groups, said sources.

Meanwhile, the companies those deposited a huge amount in tune of Rs 4 crores in the private bank in Burrabazzar area, do not exist. The investigators reached the addresses provided by the bank and found no such company in the locations. The accounts were opened using fictitious companies, added the source. The directorate has lodged cases against the offenders under the section of money laundering and the role of bank branches would also be probed, said an official.