The Enforcement Directorate has seized Rs 3.71 crore of two companies for alleged misuse of third party accounts by cash deposits at a bank branch in Bihar after demonetisation. "The money so deposited was layered through various bank accounts in the guise of fake business transactions. Rs 3.71 crore in demonetized currency were deposited in the bank accounts of various firms/persons without their knowledge and consent", it said adding that the amount was further transferred to the account of two companies. For this, an amount of Rs 1.77 crore from a private bank account of one company and Rs 1.94 crore from a PSU bank account of another company were seized, the agency said. Among the bank officials named in the case, one retired chief manager was arrested while two others are absconding, the release said.

Source: dna April 07, 2018 10:28 UTC