HDFC BANK, CASE 13: S. SHARMA, BRANCH MANAGER, HDFC STANDARD LIFE INSURANCE, SOUTH DELHI
OPERATION RED SPIDER, PART- 1

HDFC BANK, CASE 13: S. SHARMA, BRANCH MANAGER, HDFC STANDARD LIFE INSURANCE, SOUTH DELHI

Cobrapost |
July 26, 2011

Invest the black money in smaller chunks through multiple accounts and close them after making the money white


Invest the black money in smaller chunks through multiple accounts and close them after making the money white

When S. Sharma first hears the Cobrapost reporter’s proposition, he tries to project himself as clean, calling it risky. But it takes very little cajoling for the manager of this branch of HDFC Standard Life Insurance in an upscale locality of South Delhi to come around. Soon, Sharma starts recommending how to invest black money.

Sharma say: “Usme aapne amount apne bhai ke account mein paise daal diye … apni wife ke naam pe ek account khol use band kar diya yehin pe. Agle saal simple fund hota hai kisi bhi bank mein, apna account khulwaiye, agle din uska cheque kaat ke jama kar diya. Account bhi band ho jayega to kahan se maine yahan pe kiya hua hai. Waise hum 2.5 lakh tak le lete hain but main aapko 2 lakh isliye bol raha hun koi dikkat nahi ho, kaam aaram se nikal jaye. Dikkat nahi hai. Baaki relation bane rahenge to saara paisa clear kara denge. But ekdum se paisa nahin le sakte (Suppose, you deposit cash in your brother’s account. Likewise, open a bank account in your wife’s name which could be closed later on. Next year, open an account with any bank, and deposit the cheque into that account the next day. It is a simple fund. If the account is closed after that, then how would anybody come to know you have invested here? We accept cash up to Rs. 2.5 lakh, but I am telling you to deposit Rs. 2 lakh so that there is no problem and the job is done smoothly. There is no problem. If our relation remains cordial, all money will get cleared. But we can’t accept such big money in one go).” In other words, open multiple accounts in the names of family members, invest the cash in bits to make it white and then close down the accounts. This way, nobody is any the wiser.

Then Sharma suggests splitting Rs. 1 crore to invest Rs. 50 lakh with HDFC and the rest with some other bank which he would help with. Sharma says: “Pachas lakh to yahan pe aa gaya, baaki doosri company mein karwa deta hun aapko, ICICI mein adjust karwa doonga pachas lakh. Main is company mein chaar saal se kaam kar raha hun. Ye meri pehli job hai. Yahan par as a executive kaam kiya tha. Ab main branch manager ban gaya (Rs. 50 lakh will be invested here. The rest I will get invested with some other bank. I will get Rs. 50 lakh invested with ICICI. I am working here for the past 4 years. This is my first job. I started here as an executive. Now I am the branch manager).”

But there are limitations to investments in cash. He says: “Income Sir aap kitna show kar sakte hain? Main cash ek limit tak hi le sakta hun na kyunki fir main saari policy aap ke naam pe nahin de paoonga. Mujhe cheque se kitna denge maximum? Kyunki ekdum se cash to denge nahin. Bees lakh se zyada ki income proof ki requirement aa jayegi (How much income can you show? I can accept cash up to a limit only as I will not be able to issue all policies in your name. Tell me how much can you give me through cheque, maximum? Above Rs. 20 lakh, there will then arise the requirement of income proof).”


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