:: Cobrapost ::

OPERATION RED SPIDER, PART- 1 HDFC BANK, CASE 2: A. GUPTA, SALES DEVELOPMENT MANAGER; M. JAIN, CIRCLE MANAGER, HDFC STANDARD LIFE INSURANCE, EAST DELHI

HDFC BANK, CASE 2: A. GUPTA, SALES DEVELOPMENT MANAGER; M. JAIN, CIRCLE MANAGER, HDFC STANDARD LIFE INSURANCE, EAST DELHI

Black money is welcome with the approval of superiors. “Ye mujhe aap cash de dijiyega main iski DD banwa loongi (You can give me the cash and I will get the DD made for it).” 


Lafdatv - July 26, 2011

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Black money is welcome with the approval of superiors. “Ye mujhe aap cash de dijiyega main iski DD banwa loongi (You can give me the cash and I will get the DD made for it).” – Gupta
Posing as a decoy customer, the Cobrapost journalist visits the branch of HDFC Standard Life Insurance somewhere in Trans Yamuna in the national capital. Here, he first meets A. Gupta, who works as Sales Development Manager with the company. Our reporter announces the purpose of his visit: He has Rs. 10 lakh of black money. Would she help him invest in some insurance product?

Coming straight to the point, Gupta suggests a scheme in which the investor would have to pay Rs. 10 lakh for 5 years. But it would help if she knew how much the client wants to invest in cash. Gupta asks: “Cash kitna hoga? Mujhe approval lena parega na. Agar aap cash mujhe sirf itna bata dijiye kitna approximately. Main approval le ke bata deti hun. Aapka ye saara black money hai white money hai? Saara black Hai. Aap mujhe maximum bataiye kitna de sakte ho (How much is the cash? I shall have to seek approval. If you can tell me approximately how much the cash is, I will take the approval. Is it all black money or is it all white? Tell me the maximum you can give).”

Is she talking of cash, asks the reporter. Gupta nods in agreement.
He wants to invest Rs. 7 lakh in cash and Rs. 3 lakh in white. What is the procedure, asks the journalist, for doing it correctly and how would she manage it if he paid in cash? Gupta says: “Humara jo hota hai proper cheque jaata hai. Main wohi bol rahi hun na mujhe itna amount ke liye approval lena padta hai. Approval mil jayega. Agar aap invest karna chahenge toh main approval le loongi. Proper receiving main de doongi company ke stamp sub kuch de doongi (We do it by sending proper cheque. I am telling you that I have to seek approval for this kind of amount. I will get the approval. If you want to invest, then I will get the approval. I will provide you proper receiving with company stamp on it).”

Won’t there be a risk if Gupta gets transferred? Replies Gupta: “Sir dekhiye job karte mujhe chhe saal ho gaye hain. Mere managers honge, seniors honge. Unse mujhe approval lena parega. Cash mein first time thoda sa problem aati hai log in karne mein. Tabhi humein approval lena padta hai next time toh wo customer ki marzi hai wo kaise bhi payment kare. Yaa to hum DD bana ke de sakte hain company se, yaa hum cash provide kara sakte hain, ya fir cheque provide kara sakte hain. Ye teen options hote hain (Sir, you know, I have been in this job for the past 6 years. I will have to seek approval for it from my seniors. There is some problem, while logging in, in case of cash in the beginning. That is why I have to seek approval. The next time, it depends upon the customer to choose any which way to make the payment. We can do it by DD issued from the company, or we can provide it in cash or we can provide it by cheque. You have these three options).”

Won’t the deal come under the purview of income tax laws if the money is routed through DD, as suggested by Gupta, asks our reporter? Replies Gupta: “Wo agar aap apne account se banwana chahein toh wo … ya fir humare account se banana chahega to humare account se, aapke account mein nahin show karega. Aapka to cash nikal gaya, wo jo bhi hoga humare account se related hoga. Usi ke liye approval hota hai. Umsein koi problem nahin hoti. Ye mujhe aap cash de dijiyega main iski DD banwa loongi (If you want to make it from your account, you can. Or, if you want to make it from our account, it will not show in your account. When your cash is taken, whatever will happen it will be related to our account. We have to take approval for this. There is no problem in this regard. You can give me the cash and I will get the DD made for it).”

The suggestion is unmistakable here that this kind of transaction is being done using dummy accounts in
this branch of HDFC Standard Life Insurance.
What documents would be required? A PAN card says Gupta. Won’t there be a risk if a PAN card is given? Gupta replies: “PAN card mein kyun aayegi, cash toh main loongi. Teen lakh ki aayegi. Ye aapke matter mein nahin hai. Jo aapke matter mein aayega wo teen lakh aayega (Why there will be any in PAN card when I am accepting cash. It will be shown for Rs. 3 lakh. This is not in your matter. What will come in your matter will pertain to Rs. 3 lakh).” It was obvious that in no way was the client going to be held accountable under the law of the land.
Could she manage a Rs. 20 lakh investment in cash? Gupta replies: “Amount to aap 20 lakh kar lo 50 lakh kar lo aap ki marzi hai wo toh. Main bata to rahi hun 25, 30, 50 to aaram se uthta hai cash ka wohi bata rahi hun na. Sir adjust karna parega. Aisa hoga fir ek product mein 10 lakh chala jayega. Doosre product mein aapka 10 lakh chala jayega. Wo divide ho jayega yahan pe (You can invest whatever amount you want, Rs. 20 lakh or Rs. 50 lakh, it is your choice. I am telling you 25, 30, 50. It is easily done, that is what I am telling you. Sir, we will have to adjust. Then, Rs. 10 lakh will go in one product and Rs. 10 lakh will go in another product. It will be divided this way here).”

How would she take approval for a cash investment? Gupta said: “Mail bhejoongi. Main mail mein ye mention karungi ki inka cash jayega isko approval kar dijiye mujhe. Aaj main mail daalungi to kal mujhe approval aa jayega (I will send a mail. I will mention in the mail that this client is giving cash and ask them to send me the approval. If I send a mail today, I will get approval the next day).”

The Cobrapost journalist, posing as a builder, goes to meet Gupta another day. Now, he wants to invest around Rs. 1 crore in the names of two persons. Gupta is doubly happy to receive the offer and is willing to help even without a PAN card. Gupta said: “Pehle dheere dheere kar ke karte hai na. Pehle aapka kara dete hain fir then next time jo bhi hoga wo unka (Let us do it gradually. Let us do it in your name first, then the next time we will take up whosoever you tell).”

Gupta then took the journalist to her senior, Circle Manager M. Jain. In the very first few seconds, Jain began talking business straightaway: “Is it white amount or black amount. Aap chahte hain aapka paisa show na ho. Total kitni investment chahte hain, kitni income show kar sakte hain. Toh aapke saat–aath members hain toh aap sabke naam pe invest kar sakte hain? 50,000 tak to koi problem hai hi nahi. Uske baad DD mein aa jayega. Toh ye nikal aayega 5 family members ka. Ismein koi risk nahin hai, aapka bhi nahin humara bhi nahin. Toh 5 lakh ka jo investment hai wo sure shot hai. Uske baad 5 lakh ka investment mujhe thoda sa abhi dekhna parega ki wo hum kaise aapka kara sakte hain, aur 2 lakh to aap white ka de hi sakte hain (Is it white amount or black amount. You don’t want your investment to show up?
What is the total investment you want to make, what is the income you can show? If you have seven–eight members in your family then you can invest in all their names. There is no problem at all up to Rs 50,000. After that it can be done through DD. This way you can do it for five family members. There is no risk, either for you or for us. After that, Rs. 5 lakh is left for investment for which I will have to find ways, and then you can invest Rs. 2 lakh in white).”
Would there be any problem from the Income Tax Department after 5 years? Jain says: “Koi bhi jo book hoti hai wo minimum 7 years mein close hoti hai. Aap 7 years ke baad nikalo aur doosra option hota hai wo partial withdraw ke hisab se nikalo. Ismein kya hota hai sara na nikaal ke thoda thoda kar ke nikalo aur alag alag account mein use distribute karna. This is the major part.
Jo hota hai ye nahi ki 15 lakh rupaya return aayega to koi bhi poochega (Any ledger closes in minimum 7 years. You withdraw after 7 years, and the second option for you is partial withdrawal. There you have to withdraw not in one go but gradually and distribute it in separate accounts. This is the major part. There is no problem when you receive a return of Rs. 15 lakh).”
Taking cash is not a problem with Jain but keeping ‘safe’ the returns after maturity is: “Mere liye concern ye nahin hai ki paisa andar kaise jaye. Mera concern hai maturity pe paisa aapko kaise mile jo safe rahe. Andar toh hum kisi bhi tarah pahuncha denge. Cheque, through cash, through DD pahunch gaya andar. Maturity pe jab aapka aayega amount to uss samay aap kaise show karenge. Koi dikkat nahi hai main apne seniors se discuss kar lunga ki sabse best possible kya kar sakte hain aur jo bhi way out hoga wo hum karenge. Dus saal tak aap block karte hain to koi tension hi nahi hai (I am not concerned how the cash will go in. My concern is how to make the money safe when you get it after maturity. We can get the cash in, through cheque, through DD. But when you receive the amount after maturity, then how will you show it? There is no problem. Let me discuss it with my seniors what can be the best possible, and we will do whatever way out is. If you block your investment for 10 years then there is no problem).”

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