New Delhi: The corrupt will be reduced to ruins is what PM Narendra Modi said on Saturday. That’s already happening. Many businessmen are facing the heat. In one such incident a Pune-based industrialist was caught while he was exchanging old notes into new illegally. The total transaction of his deal is estimated over Rs 200 crore.In the process he was turning his white income into black cash in new currency.
Of the Rs 200 crore unearthed, the Directorate General of Central Excise Intelligence (DGCEI) officials seized Rs 13 lakh in cash. A case has been registered against this industrialist who manufactures automobile parts. During the search, the officials found documents that show that he transferred over Rs 200 crore to his agents from his company accounts via banks to his agents.
The money from his company's account was transferred to agents against bogus bills raised by agent, investigators said. The modus operandi was simple. This industrialist transferred money to accounts of agent against bogus bills, the agent withdrew the money and gave it back to the industrialist in cash.
In another fraud by the industrialist, he claimed duty drawback worth Rs 20 crore from government based on these payments of Rs 200 crore. The officials have raided at least seven locations connected with the industrialist and the agents and recovered incriminating documents revealing the fraud.
The officials now plan to quiz bank officials in connection with the Rs 13 lkah cash recovered from him in new notes. Officials suspect that bank officials helped him collect large amount of new currency. (News24Bureau)