Friday, November 13, 2009

Union Bank’s silence over Koda deposits raises eyebrows

[Madhu Koda, former chief minister of Jharkhand, India has been accused of a scam involving Rs. 2,500 crores. This reports shows how corporate sector uses mainstream political leaders and state machinery for their interest.]

MUMBAI, 12 NOV: Banking industry is intrigued by Union Bank of India’s silence over Rs 640 crore deposited by former Jharkhand chief minister Mr Madhu Koda’s frontman Mr Manoj Punamia in the bank’s Zaveri Bazaar branch between November 2006 and December 2008 when Mr Koda was CM.
The transactions, according to papers seized by It and Enforcement Directorate revealed the transactions were carried out by Balaji Universal Trade a subsidiary of Balaji Group which the ED is investigating for hawala transfer ~ allegedly in Mr Koda’s name ~ of $110 million abroad probably into a Swiss bank.
Why the bank did not alert Financial Intelligence Unit in Union finance ministry or RBI or any Central agency about such massive turnover in a single account is a mystery.
Under RBI guidelines, banks have a principal officer at their head office who is expected to monitor such transactions and convey them to proper authorities. SNS

Source: The Statesman 13 November, 2009

1 comment:

Partha said...

We were cheated by Union Bank and 2 FIRs are pending against Mr.S.Govindan, GM. The same Mr. Govindan has been accused by the CBI in another case involving a scam of Rs.14.28 Crores. To know more please log on to