Hi All,
I noticed that one bank manager is helping their clients to do money laundering and getting paid for this.
He actually collects form60[where PAN is not registered with the account] for high value cash deposits as per the process. While sending the half yearly report of form60 he pulls out the form60s of those specific customers from the report and sends to local Income tax department. To get away from his audit department again he prepares the proper report and do the filing.
Where I have to make a complaint about this. Can the authority find out even if i give the complaint, because he is maintaining perfect report in his records but sending the filtered report to income tax department.
These kind of money laundering could not be found out because its happening in a bank and this manager should be punished by the law.
Kindly help on this
Thanks
Abhishek
From India, Chennai
I noticed that one bank manager is helping their clients to do money laundering and getting paid for this.
He actually collects form60[where PAN is not registered with the account] for high value cash deposits as per the process. While sending the half yearly report of form60 he pulls out the form60s of those specific customers from the report and sends to local Income tax department. To get away from his audit department again he prepares the proper report and do the filing.
Where I have to make a complaint about this. Can the authority find out even if i give the complaint, because he is maintaining perfect report in his records but sending the filtered report to income tax department.
These kind of money laundering could not be found out because its happening in a bank and this manager should be punished by the law.
Kindly help on this
Thanks
Abhishek
From India, Chennai
Interesting.
Where is this bank ?
With the level of computerisation in banks today, and the scrutiny by RBI, branch, concurrent auditors, this should not happen.
You can go to the audit department of RBI In the zonal office (mumbai, delhi, Bangalore, chennai). They have a whistleblower department where this type of things can be reported
From India, Mumbai
2383Where is this bank ?
With the level of computerisation in banks today, and the scrutiny by RBI, branch, concurrent auditors, this should not happen.
You can go to the audit department of RBI In the zonal office (mumbai, delhi, Bangalore, chennai). They have a whistleblower department where this type of things can be reported
From India, Mumbai
Hi SASWATA
Thank you, This is happening in one of the private sector banks which is located in chennai, surely I will approach the RBI whistleblower dept to make the complaint. My only question is can RBI get the report from IT department[modified by the banker]? otherwise the bankers will makeup the things with their original report which was filed in their books.
Problem is the auditors don't dig deeper. They simply look into the physical reports and doing the formalities.
Thanks again
Abhishek
From India, Chennai
Thank you, This is happening in one of the private sector banks which is located in chennai, surely I will approach the RBI whistleblower dept to make the complaint. My only question is can RBI get the report from IT department[modified by the banker]? otherwise the bankers will makeup the things with their original report which was filed in their books.
Problem is the auditors don't dig deeper. They simply look into the physical reports and doing the formalities.
Thanks again
Abhishek
From India, Chennai
First, RBI and Income Tax Department both have acess go a wide variety of data, not just what is suggested to them. So, yes, they can verify. They can ask IT to give a copy of what is submitted to them.
Incidentally, you can also to to the PRO or vigilance officer (or even CTO investigation) at Income Tax Office at chennai. Another agency which will be very much interested is the Enforcement Directorate office at chennai.
Depending on your interest, check out the last cobra report on money laundering at the banks. (Google for it). You can also speak to them and tell them what you know. They are much better equipped at investigation of this nature. But they are a news agency, who may or may not protect your privacy. The 3 government departments, on the other hand, are bound by law to ensure you are protected.
From India, Mumbai
Incidentally, you can also to to the PRO or vigilance officer (or even CTO investigation) at Income Tax Office at chennai. Another agency which will be very much interested is the Enforcement Directorate office at chennai.
Depending on your interest, check out the last cobra report on money laundering at the banks. (Google for it). You can also speak to them and tell them what you know. They are much better equipped at investigation of this nature. But they are a news agency, who may or may not protect your privacy. The 3 government departments, on the other hand, are bound by law to ensure you are protected.
From India, Mumbai
Incidentally, all banks today have internal vigilance departments to whom you can report this. After the penalty that HDFC, ICICI, AXIS banks paid following cobra report, banks are now very careful to stop such things. The directors of the bank can get into trouble.
From India, Mumbai
From India, Mumbai
Hi All,
I wrote a mail to the nodal office of the concern bank and i received only an acknowledgement email from them . I don't know whether they took this matter seriously or not. So what i should do next?
Shall i go and visit the bank directly? or Should i go to RBI to file a complaint? Will they interrogate this kind of money laundering in a proper manner?
as far as i know, the manager earned more than 20 lakhs in a year by doing this and he will do more in future i guess. So what/who is going to stop him?
I had a discussion about this to my auditor and he asked me to chillax for a while but i can't. So i asked him to file a complaint in RBI on behalf of me. Is this enough to stop this illegal activity?
Please advice.
Thanks
Abhishek
From India, Chennai
I wrote a mail to the nodal office of the concern bank and i received only an acknowledgement email from them . I don't know whether they took this matter seriously or not. So what i should do next?
Shall i go and visit the bank directly? or Should i go to RBI to file a complaint? Will they interrogate this kind of money laundering in a proper manner?
as far as i know, the manager earned more than 20 lakhs in a year by doing this and he will do more in future i guess. So what/who is going to stop him?
I had a discussion about this to my auditor and he asked me to chillax for a while but i can't. So i asked him to file a complaint in RBI on behalf of me. Is this enough to stop this illegal activity?
Please advice.
Thanks
Abhishek
From India, Chennai
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Key Notes on Prevention of Money Laundering (Amendment) Bill 2011.pdf