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Demonetisation ‘fraud’: Surat co-op bank suspends senior manager

Post-demonetisation, the Surat IT dpt officials had carried out raids at the office and residence of Kishor Bhajiyawala in Udhna area a couple months ago and found new Rs 2,000 notes to the tune of over 1 crore.

By: Express News Service | Surat |
January 29, 2017 5:51:45 am

The managing director of Surat People’s Co-operative Bank (SPCB) on Saturday suspended senior manager of its Udhna branch for his alleged role in facilitating financier Kishor Bhajiyawala to convert demonetised currency notes worth crores. Post-demonetisation, the Surat Income tax department officials had carried out raids at the office and residence of Kishor Bhajiyawala in Udhna area a couple months ago and found new Rs 2,000 notes to the tune of over 1 crore.

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The I-T officials found that Bhajiyawala had opened 20 bank lockers in SPCB’s Udhna branch in fictitious names with the connivance of bank’s senior manager Pankaj Bhatt. The Enforcement Directorate and the CBI also joined the I-T in the Bhajiyawala case investigations. The RBI also started a special audit of the SPCB to unravel the farud.

According to sources in the bank, Pankaj had allowed Kishor Bhajiyawala to operate the bank accounts after the bank hours. He also facilitated the note exchange by accepting the duplicate identity proofs.
The SPCB managing director suspended Pankaj Bhatt from its service on Saturday pending an enquiry.

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