Delhi: I-T dept seizes Rs 39 cr from 9 fake accounts in Kotak Mahindra's KG Marg Branch; Bank denies allegations

In yet another shocking case, Income Tax department on Thursday seized Rs 39 Crore from at least nine fake accounts being operated under various names by one Ramesh Chand and Raj Kumar in Kotak Mahindra Bank's KG Marg branch in Central Delhi. 

According to reports, the IT sleuths found unaccounted cash deposit worth Rs. 36.40 cr submitted in a company named Radhika Gems. The amount was later transferred to NC Jewellers account in Axis Bank. 

IT department also found eight fake accounts with a total balance of Rs 32.25 cr in the name of: 

• R K International
• Swastik Trading
• Sapna Trading
• Mahalakshmi Industries
• Shree Ganesh Enterprises
• Delhi trading Co
• Virgo International
• Kwality Trading Co.

However, on investigation it was found that none of these entities exist and the accounts were mainly controlled by Ramesh Chand and Raj Kumar. 

Furthermore, soon after deposits in the above stated 'fake' accounts, the bank helped by issuing Demand Drafts in the name of non-descript individuals -Sunil Kumar, Dinesh Kumar, Madan Saini, Seema Bai and others.

However, the IT department has frozen these demand drafts as of now and money has been re-submitted in the fake accounts, reports said. 

IT department is still conducting search and so far it has revealed that one of the accused Raj Kumar is not a person of means and lives in a humble house.

Updates: 

#KotakMahindra denies reports of #fakeaccounts in its KG Marg branch, says account holders gave full KYChttps://t.co/Vorm7zrtas pic.twitter.com/7ToQ1Xpuga

— News Nation (@NewsNationTV) December 23, 2016

10:30am:

#Delhi: IT Dept visited Kotak bank's branch(KG Marg) in connection with survey on 2 of its customers & related a/cs: Kotak Mahindra Bank Spox (ANI)

#No KYC deficiencies noted in these 2 customers. IT Dept did question the Branch Manager: Rohit Rao, Kotak Mahindra Bank Spox (ANI)

#No adverse report submitted to bank so far;Bank denies tht wre any fake a/cs;extending full co-operation to investigating agencies-Rohit Rao (ANI)

(Read this story in Hindi)

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