The Enforcement Directorate (ED) is planning to transfer at least 25 cases of suspicious transactions worth Rs 250 crore reported by banks between November 9 and December 30 for investigation to the Income Tax department, said official sources familiar with the development. Most of these cases, sources said, pertain to bullion traders, diamond merchants, exporters and bank officials. The money trail then led to nine other companies with a deposit of Rs 45 crore in currency notes which were withdrawn. The ED has also seized diamonds worth Rs 33 crore of the firm in connection with the case. On December 15, the Mumbai Police intercepted a private vehicle carrying over Rs 10.10 crore – Rs 10 crore in old Rs 500 notes and Rs 10 lakh in Rs 2,000 notes – belonging to the Vaidyanath Urban Co-operative Bank.

Source: Indian Express January 22, 2017 23:54 UTC