ARCHIVE ICICI BANK, CASE 19: A. VYAS, BRANCH MANAGER; A. SINGHANIA, KEY RELATIONSHIP MANAGER; K.S BINDRA, ACCOUNTS MANAGER, JAIPUR, RAJASTHAN

ICICI BANK, CASE 19: A. VYAS, BRANCH MANAGER; A. SINGHANIA, KEY RELATIONSHIP MANAGER; K.S BINDRA, ACCOUNTS MANAGER, JAIPUR, RAJASTHAN

ICICI BANK, CASE 19: A. VYAS, BRANCH MANAGER; A. SINGHANIA, KEY RELATIONSHIP MANAGER; K.S BINDRA, ACCOUNTS MANAGER, JAIPUR, RAJASTHAN


By Cobrapost.com - July 26, 2011


The advice here is: Get a DD from some cooperative bank or route the cash through an account and there will be no problem

Posing as a family friend of a noted politician, the Cobrapost reporter is directed to A. Singhania who is working as Relationship Manager with this branch of ICICI Bank in Jaipur. A certain minister wants to invest Rs. 50 lakh in some long-term plans. Another Rs. 4–5 crore is due soon. The money has to be made clean with handsome returns. Singhania says it’s not possible to invest in cash. However, he has a suggestion. Get a demand draft from a co-operative bank against the cash. Singhania says: “Dekhiye Sir humare paas ek option hai … agar aapka co-operative bank mein known hai… wahan se DD banwa ke hamein de sakte hain. Co-operative bank to aise hi bana dete hain (Look Sir, we have an option. If you know somebody in a co-operative bank, you can get a DD from there and give it to me. Anyway, co-operative banks make demand drafts without fuss).”

Won’t it be a good idea if he is allowed to open an account with their bank to route the black money, asks the frontman? Singhania is quick to latch on to the idea: “Account open karke cash deposit kara dijiye to bhi humare liye toh white ho jayega. Humein koi dikkat nahin (If you open an account and deposit the cash, then the money will become white for us. We don’t have any problem).”

When the Cobrapost reporter asks him to open three different accounts, Singhania takes him to Branch Manager A. Vyas. Here, the reporter makes it plain that the transactions should be done in such a manner that it does not attract the notice of the tax authorities. Only transactions above Rs. 10 lakh get noticed, Vyas says. He agrees to open multiple accounts to show the money as white and suggests depositing the black money in small amounts: “Haan…panch–panch lakh rupaya teeno ke naam se (Yes, Rs.5 lakh each in all the three names).” But at the same time, he cautions: “Dus ke neeche daalna aap (Put in less than Rs.10 lakh).” Vyas then asks Accounts Manager K.S. Bindra to join in the discussion.

Would the bank provide lockers to keep Rs. 4–5 crore cash? Yes, they can be provided. Vyas again cautions: “Saving mein itna daloge na to problem ayegi (If you put in so much in savings, it will create a problem).” What is the source of money, Vyas asks? It is the unaccounted money of a minister, the reporter again tells him. And you know how they amass it: all by dubious means. But the reporter continues to ask for help to clean the money.

Could some of the crores be transferred overseas with their help, he asks. Vyas is willing to lend a hand. Turning to Bindra, Vyas says: “Main samjha doonga pura kaise karna hai…account khol denge, locker khol denge (I will tell you how to do it all … will open the account, will open the locker).” Bindra is eager to oblige.

Both officials agree to a meeting with the fictitious minister whose money they will try to make legitimate.


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Tag : ICICI BANK, CASE 19,

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