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Success Story

Case 13: Chennai based Trust

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

Search operation was conducted on two trusts in Chennai based on intelligence that Chairman of the Trusts had been distributing unaccounted money in SBNs to their employees for purpose of conversion to new currency. Investigations revealed that the Trusts had planned to convert Rs. 8.18 crore of unaccounted income held in cash through its 650 employees by depositing cash in the employees bank accounts in sums less than Rs. 50,000/-. During interrogation, the Chairman admitted that the unaccounted cash belonging to the Trusts was kept in the lockers, which was distributed to the employees after the announcement banning the old Rs. 500 and Rs. 1000 notes was made, in order to convert them into new currencies. The money represented unaccounted anonymous donations to the Trust.
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