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Demonetisation: Nondescript bank suddenly under lens

Public dealing was done in a small room in the basement at 80, Darya Ganj — the building where the bank is located.

Written by Mallica Joshi | New Delhi |
December 31, 2016 2:38:12 am
Nondescript bank, Jain Co-operative Bank, illegal notes conversion, Darya Ganj bank, demonetisation, black money, note ban, indian express news The I-T dept is probing the source of around Rs 120 crore deposited in the bank since demonetisation. Praveen Khanna

The street on which the head office of the Jain Co-operative Bank is located is a quiet one. There are a few courier and motor repair shops in the area and fewer visitors. Friday was different. As news of Income Tax raids at the bank spread, groups of bystanders milled about. The bank was open for public dealing till about 4 pm but was only accepting deposits by cheques.

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Public dealing was done in a small room in the basement at 80, Darya Ganj — the building where the bank is located. The office of the chairperson, Rajesh Kumar Jain, and a few others were on the first floor. The records were also maintained on the first floor. According to a bank employee, I-T officials have been in and out of the offices since December 26, when the premises, along with those of other branches, were raided.

According to I-T sources, the bank was circumventing the monetary limits of Rs 4,500 placed on currency exchange by RBI. This was being done by fraudulently filling forms for exchange using identity cards of someone else.

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According to a peon at the bank, he was not aware of any such racket. “I changed money using my identity card. How will I get access to identity proofs of others?” he said. A few men, who were standing outside the bank on Friday, said they were not surprised the bank was raided.

“We have stood in line here at 4 am to exchange old notes but return empty-handed. The bank would not give money to common people and would exchange notes of traders in the area. We suspected there was something fishy as traders and businessmen would enter and leave the bank at odd hours,” said Nirmal Kumar.

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