Cash conspiracy: Bank staff, ATM fillers siphoning off notes
They have emerged as the biggest suspects in the illegal conversion of black money post demonetisation.
Hyderabad: Cash logistics companies and their sub-contractors and staff, who deal with the physical movement and storage of currency notes on the behalf of banks, have emerged as the biggest suspects in the illegal conversion of black money post demonetisation.
According investigating agencies, bank officials have even connived with cash management and ATM logistics companies to divert the new currency bundles that are on the way to banks. These notes are supposed to go to customers waiting in queues.
Recently, seven employees of Scientific Security Management Services (SSMS) Pvt Ltd, which loads cash into 128 ATMs of SBI, HDFC and few others, siphoned off about Rs 74 lakh cash (in Rs 100 and Rs 2,000 denominations) for converting black money into white - after taking a commission of 25 per cent. The Railway Protection Force personnel and Task Force arrested the accused at Samalkot in East Godavari. Most cash logistics companies sub-lease the service to third-party agencies as there are no RBI guidelines on cash-related services.
A top official of the Enforcement Directorate said, “The sub-contracted agencies of cash logistics companies are under the scanner as it was found that top staff of banks has actually tied up with them. Even the staff working in the banks are not aware of the operations as it happens on the way, when the cash is handed over to the agents of black money hoarders. This may also have happened when they hold the cash overnight.”
The Federation of Indian Chambers of Commerce & Industry (FICCI) estimates there are around 6,000 cash vans that operate across the country carrying approximately Rs 15,000 crore of cash every day. The cash logistics industry also holds approximately Rs 4,000 crore of cash overnight.