HDFC BANK, CASE 16: A. SRIVASTAVA, INVESTMENT BANKER; H. SINGH, ASSISTANT BRANCH MANAGER,WEST DELHI
OPERATION RED SPIDER, PART- 1

HDFC BANK, CASE 16: A. SRIVASTAVA, INVESTMENT BANKER; H. SINGH, ASSISTANT BRANCH MANAGER,WEST DELHI

Cobrapost |
July 26, 2011

Invest your black money in insurance as “Saat saal baad IT Department bhi nahin poochta isko (After 7 years, the IT Department does not ask any question about it)


Invest your black money in insurance as “Saat saal baad IT Department bhi nahin poochta isko (After 7 years, the IT Department does not ask any question about it).” – A. Srivastava

The Cobrapost journalist visits this branch of HDFC Bank in West Delhi where he meets A. Srivastava, Investment Banker, and H. Singh, Assistant Branch Manager. He sells them the same story.

Invest the money in an insurance product for 7 years, Srivastava advises. The reason is that after 7 years, there would be no inquest from tax officials. Srivastava explains: “Saat saal baad IT Department bhi nahin poochta isko. Insurance mein paisa aap agar daaloge toh wo secure hoga, kyunki kal ko ye dikha sakte ho ki dada ji ne gift kiya tha, pita ji ne gift kiya tha. Company ko apne level pe chahiye hoga, mujhe aage show nahin karna hai (After 7 years, the IT Department does not ask any question about it. If you invest money in insurance, it will be secure because tomorrow you can show that it has been gifted by your grandfather or by your father. Company will require it at its level. I do not have to reveal it to anybody ahead).”

Open three accounts to invest Rs. 5 lakh from each of them for better, tax-free returns, advises Srivastava. Will the money become white this way, asks the reporter? “Bilkul 100 per cent. Bonds pe likh kar aayega. Account nahin hai to account khol do. Aap apne account mein 5 lakh daal do … teen alag alag account ho gaye HDFC mein. Tino ke andar humne cash deposit kar diya paisa. Main wahan se DD bana doonga. Aapko cheque bhi nahin dena hai (Sure, 100 per cent. It will come written on the bond. If you don’t have account, then open an account here. Deposit Rs. 5 lakh in it. This way you will have three accounts with HDFC and you will deposit cash in all three accounts. After that, I will make DD using those accounts. You will not have to issue any cheque),” says Srivastava.

Srivastava says that the politician, to put black money into insurance, should first open an account and then route it to insurance through DD. After the expiry of the term, all the black money will become white.

The next question pertains to the politician’s wife. She travels abroad frequently, including to England. She has to send Rs. 5–7 crore of black money to her brother in February. Would the bank help? H. Singh, the assistant branch manager, nods in the affirmative: “Safe hai… thik hai February mein karwa doonga (It is safe. Ok. I will get it done in February).” It was obvious that the bank could be used for transferring black money to a country of your choice “safely”.

Singh also assures the journalist that lockers could be provided for the politician to keep his black money until it is routed to England. Singh said: “Theek hai … not an issue… 101 per cent.”


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