4 banks helped Mumbai trader legalize Rs 150 crore

While demonetization is having a mixed blessing on India, there are some culprits, who are trying to get away with it. While the current situation is eating the common man from inside, and still the public is intact with the thought of the nation becoming clean, many more black-minded people seem to be escaping the demonetization factor. Wondering how…?

Once such incident took place in the financial capital of the country, Mumbai. Four renowned banks helped a trader to convert his black money worth Rs 150 Crore into a neat and clean income. But the Enforcement Directorate (ED) found this and exposed all of them. Even though the names of the trader as well as the 4 banks are not revealed, it is supposed to be exposed soon.

The ED has officially written to the 4 banks. It has accused the banks and their officials of helping out a culprit trader of Zaveri Bazar and converting his black money worth of Rs 150 Crore in demonetized currency. The illegal cash was transferred into the account of several shell companies. Shell companies are those companies that exist only on paper. They do not exist in real life. Further, this money was transferred within no time into the trader’s account. The trader has claimed that it was the money which he has earned fair and square and the client has made this payment for his gold sales.

Well ED suspected this situation as the transactions were made back to back. At the end, our only question is—Have the demonetization really affected the country? Was this decision worthwhile?

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