Retd Bank of India chief manager, businessman arrested for money laundering

  • | Monday | 19th February, 2018

He said that Jha retired in October 2017 while rest of the bank officials are still in service.He said that Motilal was the person who had convinced Shashi and his two brothers Rajnish Kumar and Shailesh Kumar to open current accounts on September 5 and on October 12 in 2016 with the GB Road branch. One of the accounts was in name of Shiva Agro Enterprises which was operated by Shashi Kumar.“Apart from Jha and Jain, BOI managers Hemant Kumar Verma and Arvind Kumar, chief cashier Om Prakash Nand of GB Road branch, a private person Motilal are the other accused in the case who presently are evading arrest but would be arrested soon,” Kumar said, adding that Enforcement Directorate and Income-Tax department are also involved in the investigation. PATNA: The Economic Offences Unit (EOU) of Bihar police arrested Bank of India (BOI) chief manager (retired) Satish Chandra Jha and a businessman Dheeraj Jain from Gaya on Sunday for money laundering to the tune of Rs 9 crore to several firms across India from GB Road branch of BOI in the district, just before and after demonetization.The central government had announced demonetization on November 8, 2016 by discontinuing currencies of Rs 500 and Rs 1000 denominations.EOU additional superintendent of police (ASP) Sushil Kumar said five personal loan accounts were opened with the GB Road branch by four persons of a family which were used for laundering money into bank accounts of more than seven different firms located outside Bihar. He said that on September 9, 2016, a joint current account of Shashi and his wife Ruby Kumari was also opened in the same branch.Later Shashi, Rajesh and Ruby were made to apply for personal loan for purchasing furniture from Jain’s shop but after investigation it surfaced that Jain did not own any furniture shop.“The entire loan amount was transferred into an account of Jain with the same branch while the trio were handed over cash by Motilal,” he said.“These cheques of the current accounts deposited at the time of opening loan account were later used for laundering money while the trio did not even had any inkling about the transactions,” ASP Kumar said adding Dheeraj, Motilal, Jha and other accused bank officials connived in the conspiracy of money laundering.Kumar said that Rs 50 lakh and Rs 30 lakh was transacted into account of Shashi on October 21, 2016, while soon after demonetization, huge amount of money on different occasions were further transacted into the same account and later were routed to bank accounts of Ms Radha Trading, Rajesh Trading, Hari Kripa Trading, Maa Tara Agency, Yashwi Kaju Agency, Namokar Trading, Shree Ram Overseas and some other firms.“In similar way, other bank accounts were also used for money laundering and Forensic Science Laboratory (FSL) in Patna had proved that several cheques and vouchers carried forged signatures of account holders and the handwriting on them matched with one of Motilal,” the ASP said adding investigation were still going on.

PATNA: The Economic Offences Unit (EOU) of Bihar police arrested Bank of India (BOI) chief manager (retired) Satish Chandra Jha and a businessman Dheeraj Jain from Gaya on Sunday for money laundering to the tune of Rs 9 crore to several firms across India from GB Road branch of BOI in the district, just before and after demonetization.The central government had announced demonetization on November 8, 2016 by discontinuing currencies of Rs 500 and Rs 1000 denominations.EOU additional superintendent of police (ASP) Sushil Kumar said five personal loan accounts were opened with the GB Road branch by four persons of a family which were used for laundering money into bank accounts of more than seven different firms located outside Bihar. One of the accounts was in name of Shiva Agro Enterprises which was operated by Shashi Kumar.“Apart from Jha and Jain, BOI managers Hemant Kumar Verma and Arvind Kumar, chief cashier Om Prakash Nand of GB Road branch, a private person Motilal are the other accused in the case who presently are evading arrest but would be arrested soon,” Kumar said, adding that Enforcement Directorate and Income-Tax department are also involved in the investigation. He said that Jha retired in October 2017 while rest of the bank officials are still in service.He said that Motilal was the person who had convinced Shashi and his two brothers Rajnish Kumar and Shailesh Kumar to open current accounts on September 5 and on October 12 in 2016 with the GB Road branch. He said that on September 9, 2016, a joint current account of Shashi and his wife Ruby Kumari was also opened in the same branch.Later Shashi, Rajesh and Ruby were made to apply for personal loan for purchasing furniture from Jain’s shop but after investigation it surfaced that Jain did not own any furniture shop.“The entire loan amount was transferred into an account of Jain with the same branch while the trio were handed over cash by Motilal,” he said.“These cheques of the current accounts deposited at the time of opening loan account were later used for laundering money while the trio did not even had any inkling about the transactions,” ASP Kumar said adding Dheeraj, Motilal, Jha and other accused bank officials connived in the conspiracy of money laundering.Kumar said that Rs 50 lakh and Rs 30 lakh was transacted into account of Shashi on October 21, 2016, while soon after demonetization, huge amount of money on different occasions were further transacted into the same account and later were routed to bank accounts of Ms Radha Trading, Rajesh Trading, Hari Kripa Trading, Maa Tara Agency, Yashwi Kaju Agency, Namokar Trading, Shree Ram Overseas and some other firms.“In similar way, other bank accounts were also used for money laundering and Forensic Science Laboratory (FSL) in Patna had proved that several cheques and vouchers carried forged signatures of account holders and the handwriting on them matched with one of Motilal,” the ASP said adding investigation were still going on.

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