Ex-banker, businessman arrested in Gaya for laundering Rs 9 crore

  • | Tuesday | 20th February, 2018

The money was routed to several firms across India from the GB Road branch of BOI in Gaya. These accounts were used for transferring money into the bank accounts of at least seven different firms outside Bihar. Jha retired in October last year.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 single family. PATNA: The Economic Offences Unit (EOU) of Bihar police arrested retired chief manager of Bank of India (BOI), Satish Chandra Jha, and businessman Dheeraj Jain from Gaya on Sunday for laundering money to the tune of Rs9 crore soon after the demonetisation on November 8, 2016. “The cheques deposited at the time of opening the loan account were later used for laundering money without the knowledge of the three account holders,” the ASP said.It was also found during investigation that Jain did not own any furniture shop.

PATNA: The Economic Offences Unit (EOU) of Bihar police arrested retired chief manager of Bank of India (BOI), Satish Chandra Jha, and businessman Dheeraj Jain from Gaya on Sunday for laundering money to the tune of Rs9 crore soon after the demonetisation on November 8, 2016. The money was routed to several firms across India from the GB Road branch of BOI in Gaya. Jha retired in October last year.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 single family. These accounts were used for transferring money into the bank accounts of at least seven different firms outside Bihar. One of the accounts was in the name of Shiva Agro Enterprises , which was operated by one Shashi Kumar.“Apart from Jha and Jain, several employees of BOI’s GB Road branch, including managers Hemant Kumar Verma and Arvind Kumar, chief cashier Om Prakash Nand and one Motilal are made accused in the case,” Kumar said, adding the Enforcement Directorate (ED) and Income Tax department are also involved in the investigation.He said Motilal convinced Shashi and his two brothers, Rajnish Kumar and Shailesh Kumar, to open current bank accounts in his branch on September 5 and October 12 in 2016. A joint account of Shashi and his wife Ruby Kumari was also opened in the same branch on September 9, 2016.Later, Shashi, Rajnish and Ruby were told to open new loan accounts linked with their current accounts to apply for personal loans for purchasing furniture from Jain’s shop. “The cheques deposited at the time of opening the loan account were later used for laundering money without the knowledge of the three account holders,” the ASP said.It was also found during investigation that Jain did not own any furniture shop. “The entire loan amount was transferred into an account of Jain with the same branch while Motilal paid them in cash,” the ASP said.He further said altogether Rs80 lakh was transferred into Shashi’s account on October 21, 2016, followed by transfer of huge amount in the same account after demonetisation.“All this money was later routed to M/S Radha Trading, Rajesh Trading, Hari Kripa Trading, Maa Tara Agency, Yashwi Kaju Agency, Namokar Trading, Shree Ram Overseas and some other firms,” the ASP said.Other bank accounts were also used in similar manner and the forensic science laboratory in Patna had proved that several cheques and vouchers carried forged signatures of the account holders and the handwriting on them matched with that of Motilal, he added.

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