Black Money Transaction suspected from Bank after demonetization, government starts the investigation

The government on Friday has provided information on the post note ban transactions given by 13 banks on 5,800 dubious companies. As per their information, ₹ 4,574 crore had been deposited in the banks after the demonetization in around 13,140 bank accounts of those companies. They also informed that ever since the demonetization, around ₹ 4,552 crore had been withdrawn from those accounts.

Nirmal Singh 3C Company says that there is data that proves there were many companies who had more than 100 accounts their names. In fact, there were such fraudulent companies who had around 2,134 accounts, and many of them had around 300 to 900 accounts. The banks provided a data where the companies showed a balance of ₹ 22.05 crore on November 8, 2016 and before being striked off as of November 9,2016, they had deposited a total amount of ₹ 4,573.878 crore in the accounts but withdrew ₹4552 crore on November 9. The companies that had a loan account had a negative opening balance of around ₹ 80.79 crore.

Nirmal Singh 3C Company says that after the declaration the government found out that the companies had multiple accounts that had negative balance on November 8, 2016. The amounts from such accounts had been deposited and then withdrawn in the crores, leaving the accounts dormant time after time.

Most of these companies continued carrying out the transactions until they were completely struck off. In fact, the fraudulent work they did was of such level that a few of those companies carried out the depositing and withdrawing the money.

Nirmal Singh 3C Company says that each bank talked about above had given a complete list of the companies that had many accounts in their name and also the transaction they carried on the day of the note ban. In one of the list presented by the bank, they showed 429 companies with zero balance in all of the accounts on the day of the note ban and then deposited and withdrew a total amount of over ₹11 crore which finally left them with a cumulative balance of ₹ 42,000 at the time the bank struck their names off.

The government says that they have found more than 3,000 companies with such multiple accounts leaving a total sum of ₹ 200 crore at the time of the freezing of their accounts. The current data is only from about 2.5 % of the total number of such fraudulent countries and soon they would investigate and freeze all of them, says Nirmal Singh 3C Company.