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Case 12: Amritsar based Company

Author: ITD Date:12-06-2017 11:37 AM

During survey, it was found that the entity had deposited Rs. 2.5 cr. in about 700 accounts of his employees. The AGM Finance of the company admitted under oath to have deposited Rs. 2.1 crore of old currency in 780 bank accounts of the workers of the Factory without their consent or knowledge. The cash so deposited was later withdrawn from the bank using the withdrawal slips already in custody of HR staff of the company. The actual bank account holders were not aware that their accounts were being used for deposit of the cash of the company. The case has been referred to the Enforcement Directorate and the Initiating officer under the Benami Act.
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