HDFC BANK, CASE 10, A: PANDEY, BRANCH MANAGER, GHAZIABAD, UTTAR PRADESH
OPERATION RED SPIDER, PART- 1

HDFC BANK, CASE 10, A: PANDEY, BRANCH MANAGER, GHAZIABAD, UTTAR PRADESH

Cobrapost |
July 26, 2011

Open multiple accounts and invest the black money in insurance in smaller chunks – this is the safest recipe.


Open multiple accounts and invest the black money in insurance in smaller chunks – this is the safest recipe.

Asking the same question – can Rs. 50 lakh of black money belonging to a politician be invested in any of the bank’s products – the Cobrapost reporter  approaches this branch of HDFC Bank in Ghaziabad as a representative of the politician. A. Pandey, the branch manager, advises the reporter to invest the cash in HDFC’s plan Crest, using three different accounts in the names of different family members. This way it would not come to the notice of the Income Tax Department.

Deposit the cash step by step, suggests Pandey: “Cash to aapko, Sir, account mein daalna parega gradually. Account se hum uthake wo karte … Account cash mein khulega? Humein koi dikkat nahin (You have to gradually deposit the cash in your account. We will transfer the money from the account. Want to open the account with cash? We have no problem).”
Pandey then provides the details: “Account khulega. Account mein sabka cash dalega. Ek saath nahin dal paayega. Teeno account mein karke daalenge. Insurance mein dalega. Sabse safe hai. PAN card de dijiyega, koi dikkat nahin hai (Account will be opened. All cash will go into the different accounts. But it will not be done in one go. We will deposit in all the three accounts. We will invest in insurance. It is the safest. Give your PAN card. There would be no problem).”
Will the money become white upon maturity? Replies Pandey: “Yes. Cheque se aayega. Jis account ka hoga usi account se aayega. Jaise tino account kholenge na tino mein, inhi mein aa jayega (Yes. You will get it by cheque. It will be credited into the same account from which money is invested. Suppose, we open three accounts, then it will be credited into the same accounts).”

A large amount of black money is due very soon, says the customer, requiring a locker. Would his bank provide one? “Humare nahin to kahin aur dilwa denge locker. Main locker dilwa doonga, doosri branch mein dilwa doonga (If we don’t have, I will get you one somewhere else. I will get you with some other branch),” says Pandey.


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