The crackdown on black money continues, and this time the Enforcement Directorate has tracked down Rs 93 lakh in new currency notes in Karnataka, arresting seven alleged middlemen.
The Prevention of Money Laundering Act (PMLA) comes in handy in putting behind bars the accused, one of whom in this case happens to be a government official.
In this case, the ED officials garbed them as ‘customers’ who look to exchange old currency illegally, after paying the agent his due commission. This is the most prominent modus operandi among the law keepers, as this honey trap becomes impossible for the agents to reject.
This new seizure is another addition to a chain of other confiscations, throughout the country by other law enforcement bodies. This shows a clear nexus of middlemen with senior bank employees. According to a report by Indian Express, these middlemen offer the bank employees 15 to 35 percent commission depending on the amount to be exchanged.
Around Rs 250 crore has been confiscated till date in new notes from agents by carrying out multiple raids across the country. The Home Ministry is aware of this evil, and is keeping close tabs on all nationalized as well as private banks.
SOURCE : TOI
Image Source : ANI