The police have uncovered a racket of bogus accounts in Bandhan Bank, in Uttar Pradeshs Agra, where black money is converted into white. The scam is suspected to involve not just transactions within the country but also from abroad.The Income Tax Department has launched an investigation in collaboration with the police. Several businessmen in the city are reportedly on the authorities radar, suspected to have been using fake IDs to open and transact through inactive accounts.Complaint and ArrestsThe police received a complaint from Harendra Singh, a resident of Gayatri Vihar, Dayalbagh, after receiving an Income Tax Department notice revealing transactions worth crores in his two accounts. A case was filed against Prashant Pal Singh, former branch manager of Bandhan Bank located at Fatehabad Road in police station Tajganj. On Sunday, the police arrested Prashant Pal Singh, former sales executive Mohammad Faiz, Zakir, and Jibran. Subsequent investigation revealed the existence of accounts with transactions totalling over ten crores.Modus OperandiThe scam involved lower limits being shown by traders while supplying more goods to avoid getting caught. The traders used fake IDs to open and transact through inactive accounts, which were used for a year before being turned off. Often, people were given up to Rs 20,000 per month to open such accounts. The manager and employees of Bandhan Bank reportedly facilitated these activities.Possible Hawala ConnectionsIt is suspected that the amounts involved may be hawala money, which is illegal and often used to transfer black money abroad using a network of middlemen. Such accounts in banks can be used to remit funds without drawing attention. The police have only received information from those who received notices from the Income Tax Department, and there may be more such accounts in other banks.The discovery of bogus accounts used to convert black money into white in Bandhan Bank, Agra, is a serious issue. The authorities have taken swift action, arresting four individuals and initiating an investigation. The possibility of hawala connections makes it even more crucial to unravel the entire network and identify the beneficiaries of the illegal transactions. It is a reminder of the importance of maintaining transparency in financial transactions and the need to stay vigilant against such fraudulent activities.
