ARCHIVE ICICI BANK, CASE 16: J. DWIVEDI, INVESTMENT MANAGER; N. GHOSH, OFFICER, FARIDABAD, HARYANA

ICICI BANK, CASE 16: J. DWIVEDI, INVESTMENT MANAGER; N. GHOSH, OFFICER, FARIDABAD, HARYANA

ICICI BANK, CASE 16: J. DWIVEDI, INVESTMENT MANAGER; N. GHOSH, OFFICER, FARIDABAD, HARYANA


By Cobrapost.com - July 26, 2011


“Kuch bhi comfortable hai … sab kuch comfortable hai (Anything is comfortable… everything is comfortable).”

The moment the Cobrapost journalist announces that he is there to invest a large amount of money, he is taken to Investment Manager J. Dwivedi at this Faridabad branch of ICICI Bank. Within a few seconds, N. Ghosh also joins them. The reporter gives them the same story. Dwivedi goes about explaining various plans. Both ask him to route the cash through an account. Ghosh suggests: “Aap pehle account karwa lo, below 50,000 hoga. Uske baad aap dheere dheere fund (First you open an account … it will be below Rs. 50,000. After that, put in gradually the fund).”

When asked if the cash could be put in lots of Rs. 5 lakh or Rs.10 lakh, Dwivedi says: “Kuch bhi comfortable hai … sab kuch comfortable hai (Anything is comfortable… everything is comfortable).”

There are two requirements: an identity proof and statement of the calling of the investor. Dwivedi is prompt to volunteer to prepare a profile showing the client to be engaged in a construction business. He explains the reason: “Bus theek hai fir koi dikkat nahin hai…mujhe ye dikhana hota hai ki ye earning kahan ki hai (Then it’s alright, there is no problem. I have to show what the source of the earning is).”

Dwivedi is an experienced hand in laundering money: “Is tarah ke clients kaafi log hote hain … samajhta hun…white ho jayega…doosra taxable nahin hoga…ek cheez hai ki ye withdraw nahin kar paoge beech mein (There are many clients like you. I understand. It will be turned into white and will not be taxable. There is one thing that you won’t be able to withdraw before maturity).”

But would it be safe to invest black money? Dwivedi: “Hum log bank se kar rahe hain … aisa kuch nahin hoga … iski koi dikkat nahi hai (We are doing this through bank. Nothing will happen like that. There won’t be any problem).”

What about the lockers to keep the money? Dwivedi asks about the size of the money: “Ismein aap invest karoge to hum log ismein locker available karwa denge, locker ka size matter karta hai ki cash kitna hai (If you invest in this scheme, then we will make the locker available in the scheme. The locker’s size matters on how much cash you want to store).”
It would be not less than Rs. 5–7 crore. Dwivedi offers: “Doh locker kar lenge kya dikkat hai… jo hai wo saari services aapko milengi … jab bhi aapko chahiye na humko pandrah din pehle batana (We will provide two lockers. What is the problem? Will provide you whatever services are available. Just tell us 15 days before whenever you need).”

Dwivedi understands the need for secrecy. He goes on to recapitulate the whole process of turning the black money into white: “Aapko kuch nahin karna hai… jaise teen–teen naam se account khul jayenge…us account mein aap funding karna usi se hum DD kar lenge … DD karne se pehle kya hota hai ki account mein kisi ka naam nahin jayega, DD mein kuch likha nahin hota kabhi…toh bus aapko account mein hi fund rakhne hain aur ismein DD bhi chal jayega … aapka ek statement… aapka proof bhi ho jayega … baaki proof ki zaroorat nahin aur hum log bulk mein nahin karenge … break karke karenge … jab aap badhiya amount kare to usko part mein karenge (You don’t have to do anything. As three accounts will be opened, you have to put in the funding in these accounts. From there we will get DD made. No names will be revealed while making the DD from the accounts. There is nothing written on the DD. So, you only have to keep the funds in the account and DD will also do in this … your statement …your proof will also do … we don’t require any further proof and we will not do it in bulk … we will do it by breaking … when you put in a handsome amount we will do it in parts).”

In short, open multiple accounts, put the cash in them and invest in smaller chunks. This is how you sequester your black money.

Could some of the money be transferred to England? He replies: “Usmein ek limitation hoti hai ki as a gift aap bulk nahin bhej sakte ho (There is a limitation. As a gift you can’t send it in bulk).”

Dwivedi says he will involve his seniors in the process of turning black money into white.


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