Enforcement Directorate has seized 3.71 crore rupees of two companies for alleged misuse of third party accounts by cash deposits after demonetisation at a Bank of India branch in Gaya town of Bihar.
ED release said that the amount was held in the name of two companies involving huge cash deposits in demonetized currency. During investigation under the Prevention of Money Laundering Act, it was found that some officials of the Bank of India, Gaya, in connivance with four individuals misused the bank accounts of certain innocent persons to deposit huge amount of demonetized currency.
While the director of one company could not offer any logical explanation of such deposits and transaction whereas the director of another company did not appear in response to the summons, it said.
