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Last Updated : Jan 14, 2019 05:35 PM IST | Source: Moneycontrol.com

Former Maharashtra co-op society manager arrested in Rs 2,000cr laundering case

The accused deposited money in the society’s account using fictitious names before redepositing them in the society’s bank accounts. The money would be later transferred abroad through RTGS

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A former manager of the Renukamata Multi-state Co-operative Urban Credit Society based in Ahmednagar was arrested by the Enforcement Directorate (ED) on January 13 for helping three companies launder Rs 120 crore to Hong Kong, according to a report by The Times of India.

The money was allegedly laundered money using fake import documents for three companies, which were booked under the Prevention of Money Laundering Act (PMLA), in 2018.

The companies and their directors allegedly laundered around Rs 2,000 crore, the report cites ED as saying.

Investigation into the laundering case led the agency to Machindra Khade, who was the co-operative’s Nagpur branch manager in 2013-14.

According to the report, Khade deposited large amount of money in the society’s account using fictitious names before redepositing them in the society’s bank accounts. The money would be later transferred abroad through real time gross settlement (RTGS).

"As and when there was a demand, he would take out these blank RTGS slips and fill the amount and beneficiary details. He used to take Rs 50 lakh commission for each transaction," the report quoted ED as saying.

The co-operative’s name came under the agency’s scanner in 2018, while it was probing the money laundering case allegedly involving Yogeshwar Diamonds, Shree Charbhuja Diamonds, Kanika Gems and their directors Anil Kumar Toshniwal, Sunil Chokhara and Anil Chokhara, the report stated.

Commenting on the same, IndusInd Bank clarified that these are 5-6 year old cases (involving several banks), where the bank itself had proactively made the necessary regulatory reporting as far back as 2013-14 and had also filed subsequent police reports in co-ordination with, and under guidance from, the Enforcement Directorate in 2015. “The Bank has no exposure in relation to these transactions, and has not suffered any loss on this account,” it stated.
First Published on Jan 14, 2019 08:48 am
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