Shell firms case: CBI books 12 people, searches 16 places in Ahmedabad

Deposits were reportedly made between Nov and Dec last year to convert black money into white

The CBI on Friday carried out searches at 16 locations in Ahmedabad after registering a FIR against 12 people for allegedly depositing old notes amounting to Rs 100 crore in shell companies' accounts in Axis Bank post demonetisation.

The case has been registered against 12 people, including the officials of Axis Bank in Ahmedabad, CBI sources said.

Axis Bank officials abused their position by allowing unauthorised transactions of huge amounts in accounts of shell companies in between November and December last year, the sources at the probe agency said.

The bank officials allegedly violated the guidelines related to Know Your Customer (KYC) and anti-money laundering and also did not apply due diligence in allowing deposits to the tune of Rs 100.57 crore, they said.
 

The deposits were reportedly made between November and December last year to convert black money into white. The depositors mentioned less than Rs nine lakh in the deposit slips to avoid scrutiny on the advise of bank officials, the sources said.

Prime Minister Narendra Modi had announced demonetisation of Rs 1,000 and old Rs 500 notes on the night of November 8 last year.