Surat-based Financier Kishore Bhajiawala operated 700 people to launder Black money - chaprama | Insights from the world of Technology and Lifestyle


Monday, December 26, 2016

Surat-based Financier Kishore Bhajiawala operated 700 people to launder Black money

Income tax (I-T) officials recovered Rs.10.45 crores unaccounted income from Surat-based financier Kishore Bhajiawala. He operated cash through dummy bank accounts to launder black money. For this purpose, he had used 700 persons to withdraw and deposit cash into bank accounts.

Surat-based Financier Kishore Bhajiawala operated 700 people to launder Black money

Post demonetization, after scrapping of old Rs. 500 and Rs. 1000  notes black money hoarders finding new ways to convert into white money. Initially, they deposited large amounts of cash in Jandhan accounts. With the government announcement to implement strict policies regarding jandhan accounts, the way has been closed and started adopting new ways to escape from the eyes of Income tax officials.However, the sad thing is the active involvement of bankers.  Many incidents surfaced wherein IT department officials seized in large chunks of cash.

Earlier 8000 kg gold was brought in  Hyderabad with banned notes.Recently through I-T raids in Delhi, officials seized a whopping Rs. 250 crore of unaccounted gold from bullion traders. Now a fresh incident surfaced where in surat based financier Kishore Bhajiawala used 700 people to deposit, withdraw cash. 

According to I-T department, he owned 27 bank accounts out of which 20 are found to be Benami accounts registered under different names. The I-T department has seized from him Rs 1,45,50,800 (all in new currency notes), gold worth Rs 1,48,88,133, gold jewellery worth Rs 4,92,96,314, diamond jewellery worth Rs 1,39,34,580, and silver worth Rs 77,81,800 .The I-T officials has handed over the case to CBI (Central bureau of investigation) to uncover the persons behind financier.

According to sources in CBI, Bhajiawala has deposited Rs 1 lakh 2 lakh and 4 lakhs on November 12,13 and 14 through his people into different bank accounts.there  are 212 persons used for the conversion of old currency into the new currency. It was also found that Surat People's Cooperative Bank's senior manager Pankaj Bhatt is actively involved in some of the transactions

Also, an investigation is underway regarding the seizure of Rs 1.45 crore in new currency notes. The officials are trying to trace out other possible bank accounts.They said that such huge level of transactions cannot be possible with out the involvement of bankers and probing in this direction. Bhajiawala, has a whopping net worth of around Rs 1,300 crore, apart from that he owns several houses, commercial properties, flats and plots in the city.

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