- The CBI also received information that 115 new accounts were opened just after 8 November, most of them fake.
Central Bureau of Investigation (CBI) has started an investigation into the alleged money-laundering by a cooperative bank in Malappuram after it found suspicious transactions worth ₹8 crore and an unusual spike in the number of new accounts within days after the demonetization of ₹500 and ₹1,000 notes.
The cooperative bank at Makkaraparamba in Malappuram allegedly turned black money worth ₹8 crore into white just after the announcement of demonetization in November last year. The CBI also received information that 115 new accounts were opened just after 8 November, most of them fake. The accounts were opened without adhering to the mandatory KYC (know your customer) norms. The CBI will probe the role of Malappuram District Cooperative Bank, IDBI and ICICI branches in Malappuram in the alleged money laundering.
In the preliminary inquiry, the CBI found that ₹8.71 cr was deposited in the cooperative bank in just four days between 10 and 14 November last year. The closing balance of the Makkarapparamba cooperative bank on 8 November was ₹1,68,44,500. On 14 November it closed the account books with a balance of ₹ 10,39,99,00. The money was then transferred to Malappuram District Cooperative Bank, and the local branches of ICICI and IDBI and Urban Cooperative Bank in Perinthalmanna said reports quoting CBI said. The central agency is probing into the details of the transactions and the people involved in it.
The primary cooperative banks were not authorised to accept deposits in demonetized currencies. Despite the RBI making it categorically clear, many cooperative banks continued to accept deposits in scrapped currency notes. The Congress and the CPM had taken out protests across the state alleging that the central government was smothering cooperative sector in Kerala by implementing 'irrational' restrictions. A special session of the Kerala Assembly passed a resolution demanding the easing of norms to save the cooperatives from the crisis. It also urged the RBI to ease the norms to allow the primary cooperative banks to accept the banned currency notes of ₹5,00 and ₹1,000.
Last Updated 31, Mar 2018, 6:44 PM