Politics

Know about this Swiss Bank in Karnataka

if you have wondered that Swiss Bank exists only in Switzerland, then you are wrong. You may have not seen a a bank in Karnataka which is considered the Swiss bank for politicians.

This bank is called the South Canara District Central Co-Operative Bank which is in the Mangalore district of Karnataka. This bank is a heaven for most of the politicians, influential people and black money holders. Shockingly there has been thousands of crores deposited in the bank since demonetization. The law and RBI regulations have been completely ignored and KYC norms have been ignored to the core.

It has been found that, there are over 170 bank accounts which have no names, there is no information about the account holders or the source of money which has been deposited in the bank. In a span of 3 days after demonetization, the bank has received a whooping deposition of over 600 crores which has no record. The IT and ED which came to know about the development conducted raids in the bank where they found huge misappropriation of money. Norms were found to be flouted, no questions were asked for people depositing money over 2.5 lakhs.

After November 8th, there were 120 accounts which were opened without giving proper details. Around 300 crores of black money has been transacted in a span of 15-20 days. But there is absolutely no record of the source of money. Huge amount of black money has been converted to white recently and it is understood that most of the money belonged to politicians.

Rajendra Kumar who has been the bank manager for over 20 years, is said to be mainly responsible for flouting regulation and helping politicians from all over India to get their back money converted to white. According to IT and ED reports, the politicians from across India have transferred their money to this bank to escape IT raids and tax. The overall transaction of the bank is said to be 4000 crores, but since demonetization, the transaction amount has suddenly increased to over 6000 crores.

The ED have given notice to the bank demanding all details of account holders and source of money deposited. But however it is likely that the bank manager who was directly involved in converting black money to white would soon be arrested for flouting norms of RBI and Income Tax department. Many people who complain that PM Modi should focus on bringing back the black money from abroad, should first see that many banks within India are proving no less than Swiss Bank.


Aishwarya S

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